The strong results reflect Qatar National Bank’s continued achievement of outstanding performance at all levels, supported by its wide geographical reach and diversified business model.
Qatar National Bank (QNB) announced strong results for the first quarter of 2024, with net profits increasing by 7% to reach 4.14 billion riyals, compared to 3.88 billion riyals in the same period last year.
These results reflect the bank’s outstanding performance in various business sectors, supported by the strong growth of the Qatari economy and the bank’s expansion strategy.
Operating income increased by 11% to reach 10.4 billion riyals, while total assets increased by 5% to reach 1.237 billion riyals.
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Earnings per share amounted to 0.42 riyals for the first quarter of 2024, compared to 0.39 riyals for the same period last year. Customer deposits increased by 6% to reach 880 billion riyals, while the loan-to-deposit ratio stabilized at 98.6%.
The rate of non-performing loans as a percentage of the total loan portfolio reached 2.9% as of March 31, 2024, while the coverage ratio of non-performing loans stabilized at 98%.
This strong performance reflects Qatar National Bank’s commitment to providing the best banking services to its customers and enhancing its contribution to the economic development of the State of Qatar.
