#Qatar National Bank's half-year net profit up 6% as loans expand | ZAWYA MENA Edition

Qatar National Bank's half-year net profit up 6% as loans expand | ZAWYA MENA Edition

Qatar National Bank (QNB), the Gulf's biggest lender, beat analyst expectations with a 22.7% jump in second-quarter net profit, driven by loan growth and a sharp rise in fee income.

QNB made net profit of 3.464 billion Qatari riyals ($939 million) in the three months to June 30, up from 2.824 billion riyals in the same period last year, it said on Sunday.

Brokerage EFG Hermes had forecast net profit of 3.376 billion riyals, while SICO Bahrain had predicted 3.26 billion riyals.

For the half-year, net profit was up 6% thanks to loans and advances that increased by a similar percentage.

QNB's total assets at the end of June stood at 1.065 trillion riyals, up 10% from a year earlier.

Qatari banks are benefiting from growth in interest income, stable margins and lower cost of risk as impairments ease, EFG Hermes said in a recent report.

QNB's net interest income in the second quarter rose to 5.672 billion riyals, up 11.7% from a year earlier.

Net fees and commission income climbed by about a fifth to 805.96 million riyals. ($1 = 3.6876 Qatar riyals)