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Qatar National Bank’s Q3 profit rises on loan growth  

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Shares in QNB, which is 50 percent owned by the Qatar Investment Authority, have risen by 3 percent year to date

Qatar National Bank (QNB), the largest lender by assets in the GCC, reported a 5 percent year-on-year growth in its net profit for the third quarter of 2024, on higher levels of loans and advances.

The bottom line rose to QR4.5 billion ($1.23 billion) from July to September, as net interest income and net fees and commission income grew 3 percent and 20 percent, respectively.

The lender’s nine-month net profit rose 7 percent year on year to QR12.7 billion.

Loans and advances reached QR905 billion in the first nine months, up 11 percent compared with a year ago.

Total assets reached QR1.3 trillion, up 8 percent year on year. Deposits jumped 11 percent annually to QR909 billion.

Shares in QNB, which is 50 percent owned by the Qatar Investment Authority, have risen by 3 percent in the year to date, Reuters reported, quoting LSEG data.

The bank also announced the start of the buyback process on Tuesday after it secured regulatory approval for a share buyback, worth QR2.9 billion, last month. The buyback will be funded by existing cash resources.

“QNB Group will continue to hold robust capital buffers,” the lender said in a statement, adding that it does not anticipate any material impact on its capital and other ratios due to the buyback.

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