Qatar: QNB net profit surges 22% to hit $4.4bln in 2022

Qatar: QNB net profit surges 22% to hit $4.4bln in 2022

Qatar-based QNB, a leading financial institution, said that net profit before the impact of hyperinflation for 2022 reached QR16.1 billion ($4.4 billion), an increase of 22% compared to the previous year.

QNB Group successfully managed the negative impact arising from hyperinflation in Turkey, thereby net profit after the impact of hyperinflation reached QR14.3 billion ($3.9 billion), an increase of 9% compared to same period last year.

The Board of Directors of QNB Group have recommended the distribution of a cash dividend of 60% 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.

Operating Income increased by 24% to reach QR35.1 billion ($9.6 billion) which reflects the Group's continued successful efforts in maintaining growth across a range of revenue sources.

Total assets reached QR1,189 billion ($327 billion), an increase of 9% from December 31, 2021, mainly driven by growth in loans and advances by 6% to reach QR808 billion ($222 billion).

Strong customer deposits helped to increase customer deposits by 7% to reach QR842 billion ($231 billion) from 31 December 2021. The above helped to improve the loans to deposits ratio to 95.9% as at 31 December