QNB first-quarter net profit rises 13.7%

Dubai: Qatar National Bank said on Wednesday its first-quarter net profit rose 13.7 per cent partly from strong loan growth related to extensive construction spending in Qatar.

The bank reported a net profit of 2.43 billion riyals ($667.4 million) for the first three months of 2014, a company statement said. This was broadly in line with the average forecast of analysts polled by Reuters, who expected a net profit of 2.45 billion riyals for the quarter. Lending growth in Qatar has been a major driver of banks’ profits in recent quarters and is expected to remain high for the medium term as the Gulf Arab state spends billions of dollars on infrastructure and preparations to host the soccer World Cup in 2022.