Qatar National Bank, the largest bank in the Gulf by assets, announced a 10% rise in its net profits for the fourth quarter of last year compared to the same period of the previous year, slightly exceeding analysts’ expectations.
The bank’s net profit in the fourth quarter amounted to 4 billion riyals ($1.1 billion), compared to 3.6 billion riyals in the same period of the previous year.
Data from the London Stock Exchange Group indicate that analysts’ estimates were expecting a net profit in the fourth quarter of 3.95 billion riyals.
In a statement issued today, Monday, the bank announced achieving an annual net profit of 16.7 billion riyals ($4.6 billion) for the year 2024, which represents an increase of 8% compared to the year 2023.
The bank proposed distributing cash dividends of 0.37 riyals per share for the second half of 2024, which brings the total dividends for the entire fiscal year to 0.70 riyals per share.
The bank also reported that total assets amounted to 1,298 billion Qatari riyals ($357 billion), an increase of 5% over the year ending December 31, 2023. The main source of growth in total assets was loans and advances, which grew by 7% to reach 911 billion riyals. Qatari ($250 billion). The influx of various deposits helped customer deposits rise to reach 887 billion Qatari riyals ($244 billion), an increase of 3% over the year ending December 31, 2023.
The efficiency ratio (cost to income ratio) reached 22.3%, which is considered one of the best ratios among large financial institutions in the Middle East and Africa region.
The bank has a presence in more than 28 countries across three continents, and employs more than 31,000 employees through 900 locations and 5,000 ATMs.
