2022: Qatar’s QNB reports 9% rise in net profit to hit $3.9bn

2022: Qatar’s QNB reports 9% rise in net profit to hit $3.9bn

QNB, Qatar’s largest lender, has reported a net profit of QR14.3bn ($3.9bn) after the impact of hyperinflation for the year ending December 31, 2022. The net profit rose 9 per cent compared to same period last year. Meanwhile, the bank’s net profit before the impact of hyperinflation for 2022 reached QR16.1bn ($4.4bn), increasing 22 per cent compared to the same period last year. The lender’s board of directors recommended the distribution of a cash dividend of 60 per cent of the nominal share value (QR0.60 per share). The annual financial results for 2022 along with the proposed profit distribution are subject to Qatar Central Bank (QCB) approval, the bank said in a statement. Operating income increased by 24 per cent to reach QR35.1bn ($9.6bn), while its total assets reached QR1.189tn ($327bn), spiking 9 per cent from December 31, 2021, mainly driven by growth in loans and advances by 6 per cent to reach QAR808bn ($222bn). Customer deposits grew by 7 per cent to reach QR842bn ($231bn) from December 31, 2021. The ratio of non-performing loans to gross loans reached 2.9 per cent as at December 31, 2022, The QNB Group set aside QR8.8bn ($2.4bn) during the year as a precaution