Last Updated: Sun Oct 17, 2010 12:35 pm (KSA) 09:35 am (GMT)

Qatar National Bank up by 41% in 3rd quarter

QNB main building in Qatar (File)
QNB main building in Qatar (File)

Qatar National Bank (QNB) posted a 41percent increase in third-quarter net profit to $0.4 billion or 1.5 billion Qatari riyals (QR) in the three months ending September 30, noting that third-quarter net profit exceeded analysts' expectations.

The bank posted a net profit of 4.2 billion riyals for the first nine months of the year with an increase of 33% compared with the first nine months of 2009.

QNB results were supported by increases in loans and advances and customers' deposits.
Net operating income for the first nine months of 2010 increased by 31% to reach QR 5.5 billion.

This was mainly due to the increase in net interest income and income from financing activities by 49% to reach QR 4 billion.

Net fees and commission income grew by 22% to 849 million QR.

Net gains from foreign currency transactions increased by 17% to reach QR 264 million.

QNB is 50 percent owned by sovereign wealth fund Qatar Investment Authority (QIA) and has been expanding abroad, with operations in Syria, Jordan, the United Arab Emirates and Switzerland.

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