Qatar National Bank’s Q3 2022 net profit beats estimates

Qatar National Bank’s Q3 2022 net profit beats estimates

Qatar National Bank (QNB) made a net profit of 4 billion riyals ($1.09 billion) in Q3 2022, according to Zawya's calculations. This beat a median analyst estimate of QAR3.826 billion riyals as per Refinitiv's Eikon data. The Doha-based lender, the Gulf's largest lender by assets, said its nine-month net profit rose 7% to QAR 11 billion, after accounting for hyperinflation in its Turkey operations. Operating income was QAR25.6 billion, 24% higher year-on-year, the bank said in a statement on Monday. Total assets rose 5% to QAR1.13 trillion. Since Q2 2022, QNB’s Turkey operations has been subject to hyperinflationary accounting requirements per International Financial Reporting Standards, due to which an accounting non-cash adjustment amounting to QAR1.3 billion, referred to as “net monetary loss arising from hyperinflation”, has been reported in the group’s income statement, the statement added. (Writing by Brinda Darasha; editing by Seban Scaria) [email protected]