Qatar National Bank profit up 8% on high loan growth

Reuters/Fadi Al-Assaad

Qatar National Bank (QNB), the Gulf’s biggest bank by assets, reported an 8 percent increase in third-quarter 2023 net profit to QR4.31 billion ($1.18 billion) from QR3.99 billion a year earlier, spurred by higher loan growth.

Net profit reached QR11.9 billion, up eight percent year on year in the first nine months of 2023, as loans and advances rose seven percent year on year to QR815 billion.

Operating income increased by 13 percent to QR29 billion, as the bank maintained growth across a range of revenue lines. 

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Total assets stood at QR1.18 trillion at the end of September, up four percent year on year.

A strong inflow of customer deposits helped to increase the deposit base by four percent to QR822 billion in the first nine months. 

The bank’s capital adequacy ratio (CAR) stood at 19 percent, higher than the regulatory minimum requirements of the Qatar central bank and Basel committee. 

QNB opened a new branch in Jeddah, its second branch in Saudi Arabia, after opening the first in Riyadh in 2017.