QNB’s Profits in Q2 up 23%

Qatar National Bank (QNB) reported a 22.7% YoY jump in its Q2 net profits to QAR 3.46bn ($939mn). The H1 net profits were up 6% YoY to QAR 6.8bn ($1.9bn). Profits were helped by loans and advances growing 6% to QAR 747mn ($205bn) and fee income rising 20% to QAR 806mn ($221mn). During H1, QNB increase its loan-loss provisioning to QAR 2.9bn ($793mn) leading to a marginal rise in NPLs to 2.3%. Still, QNB says that its NPLs are “one of the lowest amongst financial institutions in the MEA region, reflecting the high quality of the Group’s loan book and the effective management of credit risk.” The group’s Capital Adequacy Ratio (CAR) stood at 18.8%.

QNB’s dollar bonds were stable – its 2.75% 2027s were at 104.9, yielding 1.83%.

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