QNB Net Profit Increases 7% in First Quarter of 2024

Doha: Qatar National Bank (QNB) Group net profit for the first three-month of 2024 increased 7% to QR 4.14 billion in comparison to QR 3.88 billion for the same period of the previous year. The Earnings per Share (EPS) amounted to QR 0.42 as of March 31, 2024 versus EPS 0.39 for the same period in 2023. In a press release, the Group said that Operating Income increased by 11% to reach QR10.4 billion (USD2.8 billion) which reflects the Group's ability to maintain growth across a range of revenue sources. Total Assets as at March 31, 2024 reached QR1,237 billion (USD340 billion), an increase of 5% from March 31, 2023, mainly driven by good growth in loans and advances by 7% to reach QR867 billion (USD238 billion). Diversified customer deposits generation helped to increase customer deposits by 6% to reach QR880 billion (USD242 billion) from 31 March 2023. QNBs loans to deposits ratio stood at 98.6% as at March 31, 2024. Source: Qatar News Agency