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Qatar National Bank posts 7.1% increase in net profits

Qatar National Bank posts 7.1% increase in net profits

The national lender recorded a net profit of $787m in the first three months of 2016

Qatar National Bank Group has posted a net profit of QAR 2.9bn ($787m) for the first quarter of 2016, an increase of 7.1 per cent over the same period last year.

The figures, released in a statement on Wednesday, also showed that QNB maintained a cost-to-income efficiency ratio of 22.7 per cent, and that total assets increased by 9.7 per cent from March 2015 to ready QAR 550bn ($151.1bn) – the highest ever achieved by the group.

Loans and advances saw a growth rate of 16.4 per cent to reach QAR 402bn ($110.4bn), while customer funding increased to QAR 403bn ($110.7bn) leading to a loan to deposit ratio of 99.7 per cent. The ratio of non-performing loans to gross loans stayed at 1.4 per cent.

The quarterly report also showed QNB’s total equity to have risen by 11.1 per cent over Q1 2015 to reach QAR 60bn ($16.6bn). Earnings per share were QAR 3.4 ($0.9) compared to QR 3.2 ($0.87) last year.

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