Skip to content Skip to Search
Skip navigation

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

QNB Group headquarters in Doha. The bank's board of directors proposed a dividend of QR0.65 per share for 2023 QNB
QNB Group headquarters in Doha. The bank's board of directors proposed a dividend of QR0.65 per share for 2023

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.

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.

Latest articles

A Brazilian delegation in front of an Embraer C-390 aircraft at the Singapore Airshow in February

Brazil’s Embraer woos Saudi Arabia for military plane deal

Saudi Arabia is in “early engagement” with Brazilian planemaker Embraer over a deal to replace its ageing fleet of military transport aircraft. Embraer is touting its C-390 Millennium transport plane as the ideal replacement for the kingdom’s Lockheed Martin C-130 Hercules aircraft. Embraer Defense & Security’s CEO João Bosco da Costa Junior told reporters: “They […]

Residents use kayaks to evacuate their flooded residential complex in Dubai following the April storm

Floods prompt Abu Dhabi to issue urban planning tender

Abu Dhabi’s Department of Municipalities and Transport has issued a tender for studies to aid the city’s urban planning efforts, including infrastructure resilience during storms. The tender for consultancy services opened last month and closes on July 4. It emerges after UAE president Sheikh Mohamed bin Zayed Al Nahyan ordered an urgent review of the […]

Qatar Kazakh mobile network

Qatar company buys Kazakh mobile network for $1bn

Qatar Power International Holding has bought Kazakhstan’s largest mobile phone network. The Qatari company, a private conglomerate based in Lusail, has bought Kazakhtelecom subsidiary Mobile Telecom-Service LLP, Reuters reported, citing a statement from the Kazakh government on Tuesday. Mobile Telecom-Service LLP is a joint venture between Swedish telco Tele2 and Kazakh high speed mobile internet […]

Saudi imports GCC

UAE dominates Saudi imports

Saudi Arabia’s imports from its neighbouring five GCC countries rose 5 percent to SAR21 billion ($5.6 billion) in the first quarter of 2024. Oman led the growth, but goods trade with Qatar suffered a steep decline, according to figures from Saudi platform Argaam, citing the Saudi General Authority for Statistics (GASTAT). Goods shipped from the […]