Loan growth pushes Qatar National Bank’s profits soar

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DOHA, October 10 (Reuters)Qatar National Bank (QNB) QNBK.QA, the Gulf’s largest lender, posted an 8% increase in nine-month net income to Qatari 10.3 billion riyals ($ 2.83 billion), citing loan growth.

Loans and advances increased 7% during the period while total assets increased 10% to 1,084 billion riyals, he said in a statement.

TThe bank also said its drive for “operational efficiency” resulted in cost savings and, combined with improved revenue, helped improve the cost-to-revenue ratio to 22.5 percent from 24.2 percent. %.

Operating profit in the first nine months of 2021 increased 8 percent to 20.7 billion riyals, he said.

QNB said its NPL ratio stood at 2.3% as of September 30, adding that it was one of the lowest ratios among financial institutions in the Middle East and Africa.

The bank set aside 4.5 billion rials for loan loss provisions, raising its coverage rate to 112%.

QNB, which serves more than 20 million clients, is 50% owned by Qatar’s sovereign wealth fund, the Qatar Investment Authority.

($ 1 = 3.641 Qatari rials)

(Reporting by Andrew Mills and Saeed Azhar; editing by David Goodman and Jason Neely)

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