Gulf lender QNB's quarterly profit climbs 9% on loan growth | Reuters
Qatar National Bank (QNB) (QNBK.QA) posted a 9% rise in quarterly profit on Monday, helped by healthy loan growth and cost savings.
Gulf banks are recovering as pandemic-linked restrictions are eased and economic activity picks up, enjoying a boost from higher energy prices as oil is the region's biggest export.
The Gulf's biggest bank reported a net profit of 3.62 billion Qatar riyals ($989.6 million) for the three months to March 31, up from 3.31 billion riyals a year earlier.
EFG Hermes had predicted a net profit of 3.68 billion riyals in the first quarter.
QNB said in a statement that loans and advances grew 6% in the first quarter from a year earlier, as economic activity picked up.
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