Qatar National Bank SAQ, the Persian Gulf country’s biggest lender, said full-year profit rose 36 percent, beating analysts’ estimates, amid rising loans and deposits.
Net income rose to 5.7 billion riyals ($1.57 billion), the Doha-based bank said in an e-mailed statement today. The median estimate of 11 analysts was for a profit of 5.57 billion riyals, according to data compiled by Bloomberg.
Qatari banks benefited from a pickup in economic activity last year after a slowdown because of the global credit crisis. The government expects gross domestic product to expand 21 percent this year after increasing 16 percent in 2010. Moody’s Investors Service estimates the country will spend $57 billion over the next decade on infrastructure projects after Qatar won the rights to host the soccer World Cup 2022.
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