Qatar National Bank Net Profit Increased by 8.3 Percent in First Half of 2023

Qatar National Bank Net Profit Increased by 8.3 Percent in First Half of 2023

The net profit of Qatar National Bank Group increased in the first half of 2023 by 8.3 percent, to reach QR 7.6 billion, compared to QR 7.018 billion in the same period last year.

A statement issued by the Group today indicated an increase in the operating income by 14% to reach QR18.5 billion, which reflects the Group'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 QR4.7 billion as provision for potential loan losses and non-performing loans coverage ratio remained strong at 99%, reflecting a prudent approach adopted by the Group towards non-performing loans.

The Group indicated that the total equity increased to QR104 billion, up by 1 percent from June 30, 2022 while the earnings per share increased to QR0.76.

(QNA)