Finance Qatar National Bank’s Q3 profit rises on loan growth By Pramod Kumar October 9, 2024, 10:04 AM QNB 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. North Field expansion to power Qatar’s economy Qatar Airways to buy 25% stake in Virgin Australia Qatar is first Gulf state to join US visa waiver programme 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.
