QNB Posts 17.4% Q1 Net Profit Rise

Qatar National Bank recorded a net profit of $549 million during the first quarter of the year.

Qatar National Bank (QNB) Group announced that net profit increased by 17.4 per cent during the first quarter of the year to QR2 billion ($549 million) compared to the same period last year.

Total assets increased by 28.2 per cent since 31 March 2011 to reach QR311.1 billion, the highest ever achieved by the group, QNB said in a statement.

“This was the result of a strong growth rate of 43 per cent in loans and advances to reach QR201.2 billion,” QNB said.

The bank’s customer deposits grew 21.4 per cent to QR218.4 billion.

QNB’s ratio of non-performing loans to total loans stood at 1.1 per cent, while its cost to income ratio reduced slightly to 16 per cent from 16.2 percent in March 2011.

Total shareholders’ equity rose by 71.3 per cent since 31 March 2011 to reach QR42 billion, the bank said.

In February this year, QNB issued a $1 billion five-year bond at a coupon rate of 3.375 per cent. The bond was the debut issuance under the bank’s Euro Medium Term Note programme, which it set up in August last year to expand its operations.

The bank, which is 50 per cent owned by the Qatar Investment Authority, currently operates in 24 countries, and has been spreading its presence in regional markets like Jordan, Syria, Tunisia and the UAE.