Published: April 8, 2010
Gulf bank increases its profits by a quarter.
Qatar National Bank, the Gulf’s second-largest lender by market cap, has announced a 25% rise in its profits for the first three months of the year.
The bank posted a year-on-year rise of US$349mn, while its assets grew by US$11.6bn during the same period to stand at US$50.3bn. Loans, advances and financing activities grew by 44.3% to US$32.3bn.
This helped its net operating income to reach US$93.7bn, a 25.9% rise, and is the result of increased lending and the success of its Islamic finance operations.
During the first three months of the year the bank approved a multiple-currency term-loan of $275mn to buy three new container vessels and was also lead manager in the IPO of real estate company Mazaya Qatar.