Profits of the largest Qatari bank rise 8%

The data of Qatar National Bank, the largest bank in the country, showed that its net profit during the first nine months of 2021 increased by 8% year on year, supported by the growth of operating profits and the increase in loans and advances.

And according to the bank’s statement to the Qatar Stock Exchange, today, Sunday, net profits during the period were 10.26 billion riyals ($2.82 billion), compared to 9.478 billion riyals ($2.60 billion) in the same period last year.

Earnings per share during the nine months ended last September amounted to 1.03 riyals ($0.28), from 0.95 riyals ($0.26) in the same period of 2020.

The bank's assets also increased by 10% during the first nine months of the year to 1084 billion riyals ($297.8 billion), from 986 billion riyals ($270.89 billion) in the same period of the previous year, according to "Anatolia".

Operating revenues rose 8% to 20.7 billion riyals ($5.68 billion) during the period, from 19.2 billion riyals ($5.27 billion) in the same period of 2020.

Loans and advances rose 7% during the nine months to 766 billion riyals ($210.45 billion), from 717 billion riyals ($196.9 billion) in the comparable period a year ago.

Qatar National Bank is the first local financial institution whose total assets exceed the one trillion Qatari riyals barrier, topping the list of the largest financial institutions in the Middle East.

Qatar National Bank "Group (QNB)" was established in 1964 as the first commercial bank, and it is currently present in 31 countries, and the government's sovereign wealth fund owns 50% of its shares, which trade on the Qatar Stock Exchange.