DUBAI, Jan 11 (Reuters) – Qatar National Bank, (QNBK.QA) the Gulf’s biggest bank by assets, on Tuesday reported a 10% increase in annual net profit driven by loan growth.
Its 2021 net profit rose to 13.2 billion riyals ($3.6 billion), QNB said in a statement, up from 12 billion a year earlier.
The bank’s profit for the quarter ended Dec. 31 was 2.9 billion, according to Reuters calculations.
The results were slightly above analyst estimates, which expected the company to report about 12.7 billion, according to data from Refinitiv.
Ratings agency Fitch in October indicated it could cut the ratings of all banks in Qatar, saying it was concerned over the sector’s increasing reliance on external funding and a recent rapid growth in assets. read more
Foreign funding was $193 billion at the end of August, Fitch said, representing 48% of the Qatari banking sector’s liabilities compared with $121 billion and 38% at the end of 2018.Reporting by Hadeel Al Sayegh; editing by Jason Neely and Louise Heavens
This article was originally published by Reuters.
Riyadh Air is preparing to expand its presence in India beyond Mumbai, with the Saudi…
The AIM Global Foundation increased its momentum in interacting with the Indian investment community and…
Sales transactions in Dubai's office market totaled Dh15.8 billion in the first six months of…
New fäm Properties report shows 90%-100% absorption rate for thousands of apartments and villas to…
During the meeting, President Kast signed the FIA’s United Against Online Abuse charter Dubai, UAE,…
The IMF approved today a successor two-year arrangement for Chile under the Flexible Credit Line…