Qatar National Bank's first-quarter earnings increases by 7%

Qatar National Bank (QNB) (QNBK.QA), the Gulf's largest lender by assets, reported a 7% increase in first-quarter earnings as revenue from a variety of sources climbed amid global market volatility.

According to Refinitiv statistics, net profit for the three months ended March 31 increased to 3.9 billion riyals ($1.07 billion), up from 3.6 billion riyals in the first quarter of 2022 and above a median analyst forecast of 3.77 billion riyals.

QNB said in a market statement that total assets stood at 1.18 trillion riyals at the end of the quarter, up 6% from the same period previous year.

Loans and advances increased by 6% to 810 billion riyals, while QNB's loan to deposit ratio was 97.9% and its non-performing loans ratio was 2.9%, up from 2.3% the previous year.

By fLEXI tEAM