Qatar National Bank (QNB) reported that its 9M net profits ending September after accounting for hyperinflation, stood at QAR 11bn ($3bn), up 7% YoY. Its Q3 net profit of QAR 4bn ($1.1bn) beat estimates of QAR 3.83bn ($1.05bn). The bank’s operating income rose 24% YoY to QAR 25.6bn ($7bn) reflecting the Group’s success in maintaining growth across revenue sources. The bank’s NPL ratio was stable at 2.4% as of end-September, which Zawya notes is one of the lowest amongst financial institutions in the MEA region. Total assets rose by 5% to QAR 1.14tn ($312bn) and it said that its liquidity position was also strong. As result of its strong liquidity position, the loans-to-deposits ratio reached 96.1%. QNB added that it kept QAR 6.2bn ($1.7bn) as a precaution for potential loan losses.
QNB’s dollar bonds were stable with its 6.875% 2024s at 99.9, yielding 6.93%.
