Skip to content Skip to Search
Skip navigation

Qatar National Bank reveals 7% increase in Q1 profit

Qatar National Bank's net interest income increased by 12 percent to QR8.1 billion QNB/X
Qatar National Bank's net interest income increased by 12 percent to QR8.1 billion

Qatar National Bank’s (QNB) net profit increased seven percent year on year to just over QR4 billion ($1 billion) in the first quarter of 2023.

Operating income rose 11 percent annually to above QR10 billion, maintaining strong growth across various income streams.

The bank’s net interest income increased by 12 percent to QR8 billion.



“Overall, results were pretty solid,” banking analyst at EFG Hermes Elena Sanchez-Cabezudo told Reuters.

Total assets were more than QR1 trillion as of the end of March, up five percent year on year, driven by a seven percent growth in loans and advances.

Customer deposits reached QR880 billion. The lender’s loans-to-deposits ratio stood at 98.6 percent by the end of the first quarter.

In addition, the ratio of non-performing loans to gross loans stood just short of 3 percent, one of the lowest among financial institutions in the Middle East and Africa region.

Loan loss coverage ratio stood at 98 percent, reflecting the prudent strategy towards non-performing loans.       

In February, experts told AGBI that GCC banks may be forced to look overseas to fulfil growth ambitions as home markets become increasingly saturated.

GCC banks are highly concentrated in their local countries, with 45 percent of their branches situated in the region. 

Experts say Islamic banking could offer a way into new markets for GCC players. Refinitiv forecasts the value of the global Islamic finance industry could reach $6 trillion by 2026. 

Latest articles

Tourism to contribute $64bn to UAE’s economy in 2024

The tourism sector’s contribution to the UAE’s economy is expected to reach AED236 billion ($64 billion) in 2024, accounting for 12 percent of the overall GDP, a senior government official has said.  The sector contributed AED220 billion to the GDP last year, accounting for almost 12 percent of the overall economy, Khaled Al Midfa, chairman of Sharjah […]

Helmet, Adult, Male

Saudi Aramco’s $10bn share sale slated for next month

Saudi Aramco’s anticipated share sale is expected to take place next month, according to a media report. The offering is projected to raise nearly $10 billion and will be listed on the local stock exchange, Reuters reported, citing unnamed informed sources.  The sources said details may still change, but the process continues. In September 2023, […]

Indoors, Restaurant, Cafeteria

Hong Kong’s airport lounge operator targets Saudi expansion

Hong Kong’s airport lounge operator, Plaza Premium Group (PPG), has earmarked $100 million to expand across the Middle East, focusing on Saudi Arabia. The regional expansion is part of its three-year $300 million global expansion plan. The funds will be allocated to opening lounges, establishing an airport concierge service with white-glove service, opening innovative dining outlets and exploring […]

Russians Turkey Istanbul Bridge

Russians rush from Turkey as costs and restrictions bite

Rising costs, increased difficulties in obtaining residency permits and tighter enforcement of restrictions on the number of foreign nationals who can live in popular regions are prompting an exodus of Russian citizens from Turkey.  The number of Russian nationals holding Turkish residence permits has plunged to just over 96,000 as of May 16, down from […]