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Qatar National Bank (QNB), the Gulf's biggest bank by assets, on Monday reported an 8% year-on-year (YoY) increase in net profit for the six months ended 30 June 2023 to 7.6 billion Qatari riyals ($2.09 billion).
Operating income was up 14% on year at QAR 18.5 billion, the lender said in a statement on the Qatar Stock Exchange.
Total assets reached QAR 1.2 trillion ($330.3 billion), an increase of 7% from the year-ago period mainly driven by good growth in loans and advances by 7% to reach QAR 819 billion. "Strong inflow of customer deposits" helped to increase deposit base by 5% to reach QAR 836 billion from the previous period, the bank said.
Capital adequacy ratio (CAR) as of the end of the period was 19%.
QNB is the largest bank by assets in the region with UAE-based First Abu Dhabi Bank in second place with $302.22 billion, according to S&P Global.
(Writing by Brinda Darasha; editing by Seban Scaria)
