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.

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.

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By GlobalData

QNB Group in its earnings statement said that it currently serves over 22 million customers and employs over 28,200 people.