Qatar reports 5 per cent jump in net profits
The bank's net profit rose to $1.23 billion from July to September
Dubai: Qatar National Bank (QNB), the largest lender by assets in the GCC, reported a 5 per cent year-on-year increase in net profit for the third quarter of 2024, driven by higher loans and advances.
The bank's net profit rose to $1.23 billion (Dh4.5 billion) from July to September, with net interest income and net fees and commission income growing by 3 per cent and 20 per cent, respectively.
For the first nine months of the year, QNB's net profit climbed 7 per cent year-on-year to $3.4 billion (Dh12 billion).
Loans and advances mark an 11 per cent increase compared to the previous year. Total assets grew by 8 per cent, while deposits surged 11 per cent annually to $249 billion (Dh914 billion). Year-to-date, QNB's shares have increased by 3 per cent, according to Reuters.