Qatar National Bank net profit rises 7% in Q1-23
Total assets stood at 1.18 trillion riyals at the end of the quarter
Dubai: Qatar National Bank (QNB), the Gulf’s largest lender by assets, said on Monday that its first-quarter profit rose 7 per cent as revenue from a range of sources increased despite turbulence in global markets.
Net profit for the three months ended March 31 rose to 3.9 billion riyals ($1.07 billion), up from 3.6 billion riyals in the first quarter of 2022 and beating a median analyst estimate of 3.77 billion riyals, Refinitiv data showed.
Total assets stood at 1.18 trillion riyals at the end of the quarter, up 6 per cent from the same period last year, QNB said in a bourse filing.
Loans and advances grew 6 per cent to 810 billion riyals, while QNB’s loan to deposit ratio was 97.9 per cent and its non-performing loans ratio was 2.9 per cent, up from 2.3 per cent a year before.