Qatar National Bank’s profit rises 8% to $4.14bn in 2023

QNB

Qatar National Bank (QNB), the largest Gulf bank by assets, said 2023 net profit rose eight percent to QR15.5 billion ($4.14 billion), driven by loan growth and higher operating income.

Operating income jumped 11 percent year on year to QR39.1 billion, the bank said in a statement.

Total assets stood at QR1.23 trillion by the end of December, a four percent increase year on year, while loans and advances rose six percent annually to QR853 billion.

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Customer deposits rose two percent year on year to QR857 billion, which enabled the loan-to-deposit ratio to hit 99.5 percent, reflecting a steady growth in loan book.

QNB maintained its cost-to-income ratio at 20 percent, one of the “best” ratios among large financial institutions in the Middle East and Africa region.

The bank’s board proposed a dividend of QR0.65 per share for 2023.

Total equity increased to QR110 billion, up by four percent annually, while earnings per share reached QR1.55.

The capital adequacy ratio stood at 19.8 percent, staying higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.