DOHA, QATAR – The net profit of Qatar National Bank Group increased in the first half of 2023 by 8.3 percent, to reach US$2 billion (QR 7.6 billion), compared to US$1.9 billion (QR 7.018 billion) in the same period last year.
A statement issued by the Group on Monday indicated an increase in the operating income by 14 percent to reach US$5 billion (QR18.5 billion), which reflects the bank’s success in maintaining strong and sustainable growth in various sources of income.
The same source explained that the Group continues to take several initiatives aimed at reducing expenses and finding sustainable sources to increase income.
The ratio of non-performing loans to gross loans stood at 2.9 percent as at June 30, 2023, reflecting the high quality of the Group’s loan book and the effective management of credit risk.
The Group set aside US$1.3 billion as provision for potential loan losses and non-performing loans coverage ratio remained strong at 99 percent, reflecting a prudent approach adopted by the Group towards non-performing loans.
The Group indicated that the total equity increased to US$28.5 billion up by 1 percent from June 30, 2022 while the earnings per share increased to US$0.2 (QR0.76).