QNB interim net profit rises 31%
Qatar National Bank (QNB), the Gulf state’s
biggest lender by market capitalisation, posted a 30.8% jump in net
profits to QAR2.7bn ($741.5m) for the six months ending June 2010,
from QAR2.1bn in the year-ago period, after a boost in loans and
customer deposits.
Total loans were up by QAR34.7bn, or 41.9%, to
QAR117.6bn from QAR82.9bn for the six months to the end of June
2009, while total customer deposits also jumped 35.4% higher to
QAR139.2bn (2009: 102.8bn).
The bank’s chief executive, Ali Shareef Al Emadi, said the results
reflect the success of QNB’s strategic objectives and international
expansion plans, with a priority on enhancing customer products and
services.
“QNB is keen on enhancing its
service quality and on providing customers with distinctive and
innovative products that cater to their growing needs and
expectations,” he said.
The bank
reiterated its expansion plans to increase the number of foreign
branches in Oman, Sudan and Syria.
QNB has the largest distribution
network in Qatar, with 45 branches (including 3 mobile branches),
in addition to 11 Islamic branches operated by QNB Al Islami, and
more than 160 ATMs.
Net operating income ticked 29.2% higher to
QAR3.5bn after an increase in net interest income and net fees and
commission income.
Total assets were up by QAR38.9bn, 26.5%,
since June 2009 to QAR186.0bn.