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Qatar National Bank has announced a net profit of QAR 14.3 billion ($3.92 billion) for 2022.
The bank said its assets had reached QAR 1.189 trillion, having first crossed the QAR 1 trillion threshold in January 2021, and increasing 9% year-on-year.
The QAR 14.3 billion figure was the net profit after hyperinflation impact was taken into account. The amount before that was QAR 16.1 billion.
The board has recommended a cash dividend of 60% of the nominal share value (QAR 0.60 per share).
A statement to the Qatar Stock Exchange (QSE) said: “For QNB Group it was another year of stellar and consistent performance, one of the highest quality set of results in the group’s history enabling it to successfully manage its multiple challenges faced during 2022 .”
Net profit increased by 9% after the impact of hyperinflation, while operating income reached QAR 35.1 billion in 2022, up 24% on 2021.
The bank said it had “successfully managed” the negative impact arising from hyperinflation in Turkey.
“Since the 2nd quarter of 2022, QNB’s Turkey operations has been subject to hyperinflationary accounting requirements as per International Financial Reporting Standards due to which an accounting non-cash adjustment called “net monetary loss arising from hyperinflation” is reported in the group’s income statement amounting to QAR1.7 billion.
“This accounting adjustment remains neutral on the group’s total equity.”
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
