QNB’s Q1 net profit rises 12%

Qatar National Bank (QNB), the largest bank by assets in the Middle East, said its Q1 net profit hit QAR 3.2 billion ($0.9 billion), up by 12 percent compared to the previous year.

Total assets increased by 35 percent from March 2016 to reach QAR 743 billion ($204 billion), the bank reported.

The lender attributed the growth in its assets to a 33 percent jump in loans and advances, which reach a total of QAR 536 billion ($147 billion).

“QNB Group was able to maintain the ratio of non-performing loans to gross loans at 1.8 percent and coverage ratio at 114 percent as at 31 March 2017,” the lender noted.

In 2016, the bank’s net profit rose to QAR 12.4 billion, helped by stronger core earnings.

QNB shares fell 0.47 percent on Tuesday, closing at QAR 149.47.

In March 2017, QNB launched its operations in Riyadh as part of its international expansion strategy.