Qatar National Bank (QNB) has reported a net profit of QAR13.1bn ($3.61bn) for the year ended 31 December 2017, an increase of 6% compared with QAR12.4bn ($3.41bn) a year ago.
The group’s total assets reached to QAR811bn ($223bn) at the end of 2017, an increase of 13% compared with the last year.
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The bank said that the growth in total assets was driven by loans and advances which registered a jump of 12% to reach QAR584bn ($161bn).
Compared to December 2016, the banking group’s customer deposits rose by 16% to touch QAR586bn ($161bn) that led to loans to deposits ratio to fall to 99.8% from 102.7% a year earlier.
Total equity surged by 11% to reach QAR79bn ($22bn) as at 31 December 2017. Earnings per share stood at QAR13.7 ($3.8), as against QAR13.1 ($3.6) a year ago.
As at 31 December 2017, the group’s capital adequacy ratio (CAR) stood at 16.49%, higher than the regulatory minimum requirements of the Qatar Central Bank and Basel Committee.
QNB Group in its earnings statement said that it currently serves over 22 million customers and employs over 28,200 people.
