Qatar National Bank SAQ (QNBK), the Middle East’s biggest bank by assets, expects to increase profit by 10 percent this year on increased lending as economic growth in the emirate accelerates.
This growth excludes the purchase of a majority stake in Egypt’s National Societe Generale Bank (NSGB) which should be completed within two months, Chief Financial Officer Ramzi Mari said on a conference call today. “We still have a lot of room to grow even after the Egyptian market consolidation,” he said. “We believe business in 2013 and 2014 will be as strong as 2012.”
The government revised its 2012 nominal GDP growth, which reflects the cost of oil, to 14.7 percent from 11.2 percent amid higher-than-forecast crude prices. Qatar, which is hosting the 2022 soccer World Cup, plans to spend $138 billion on infrastructure from 2011 to 2016, greater than 10 percent of GDP through 2016, the government also said in December.
Qatar National Bank Forecasts 10% Rise in Profit on Loan Growth - Bloomberg
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