Qatar National Bank (QNB) (QNBK.QA), the biggest Gulf bank by assets, reported a nearly 8% rise in third-quarter net profit on Tuesday, helped by loan growth.
Net profit attributable to QNB's equity holders in the three months to the end of September was 4.27 billion riyals ($1.17 billion), up from 3.97 billion a year earlier.
Gulf banks are reaping windfalls from charging clients higher interest rates as the Federal Reserve raised borrowing costs to rein in stubborn inflation.
In a note to clients, analysts at EFG Hermes said QNB results beat its estimate of 3.81 billion riyals by 12%, on higher than expected margins, fee and foreign exchange income and lower than expected provisioning costs.
The bank had 1.186 trillion riyals in total assets at the end of September, up 4% from a year earlier, QNB reported in an earnings filing.
Loans and advances rose 7% to 815 billion riyals.
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