QNB’s profits rise 27% in Q1-2018, reaching 1.6bn Egyptian pounds

Qatar National Bank Al Ahli (QNBA), the Gulf’s largest lender, reported Tuesday a 27% year-on-year surge in its profits during the first quarter of 2018 on the back of lending revenue growth.

The lender’s profits amounted to 1.6 billion pounds during the three-month period ended 31 March 2018, down from 1.26 billion poundsin the same quarter a year earlier, according to the bank’s filing to the Egyptian Exchange (EGX).

The bank’s consolidated financial statements showed an increase in loan revenue during Q1-18, registering 7.25 billion pounds, compared to 5.32 billion pounds in Q1-17.

During the full-year 2017, QNBA’s profits surged 31% to 5.52 billion pounds versus 4.2 pounds in the prior year, according to the consolidated financial statement.

While the lender’s standalone profits rose to 5.29 billion last year, compared to 4 billion pounds in the year before.