Doha, Qatar— Qatar National Bank has recorded a seven percent jump in net profit for the first nine months of the year to $3 billion.
The Doha-based lender’s operating income increased 24 percent year-on-year to $7.03 billion, and its assets increased 5 percent to 1.13 trillion qatari riyals during the first nine month of the year, the bank said in a statement.
Based on International Financial Reporting Standards, QNB has been subject to hyperinflationary accounting requirements since the second quarter of 2022 for its Turkey operations, resulting in the group’s income statement reporting 1.3 billion qatari riyals in non-cash adjustments, referred to as “net monetary losses arising from hyperinflation,” the statement said.
QNB Group’s credit ratings remain top tier, attracting institutions, corporations, and individuals to bank with QNB, and providing investors and market participants with comfort, the statement said.