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Bond Market News

Qatar National Bank Reports Solid Results

October 11, 2022

Qatar National Bank (QNB) reported that its 9M net profits ending September after accounting for hyperinflation, stood at QAR 11bn ($3bn), up 7% YoY. Its Q3 net profit of QAR 4bn ($1.1bn) beat estimates of QAR 3.83bn ($1.05bn). The bank’s operating income rose 24% YoY to QAR 25.6bn ($7bn) reflecting the Group’s success in maintaining growth across revenue sources. The bank’s NPL ratio was stable at 2.4% as of end-September, which Zawya notes is one of the lowest amongst financial institutions in the MEA region. Total assets rose by 5% to QAR 1.14tn ($312bn) and it said that its liquidity position was also strong. As result of its strong liquidity position, the loans-to-deposits ratio reached 96.1%. QNB added that it kept QAR 6.2bn ($1.7bn) as a precaution for potential loan losses.

QNB’s dollar bonds were stable with its 6.875% 2024s at 99.9, yielding 6.93%.

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