QNB reports 8% profit rise

Qatar National Bank (QNB), the largest bank in the Gulf by assets, announced on Thursday an 8 per cent increase in its annual net profit, reaching 15.5 billion riyals ($4.14 billion), according to Reuters.

The bank attributed this to its “robust and consistent performance”.

QNB’s net profit for the fourth quarter, as calculated by Reuters, was 3.6 billion riyals, an increase from approximately 3.3 billion the previous year.

Gulf banks have seen benefits from the U.S. Federal Reserve’s decision to raise interest rates to fight inflation.

QNB suggested a dividend of 0.65 riyals per share, according to a bank statement.

By the end of December, the bank’s total assets had grown by 4 per cent to 1.231 trillion riyals, and loans and advances had increased by 6 per cent to 853 billion riyals.

The bank’s operating income for the year increased by 11 per cent to 39.1 billion riyals, supported by consistent growth across various revenue sources, as stated by QNB.