| |
QNB Net Profit in Q1, 2017 Rises 12% to QR 3.2 Billion
Earnings per share amounted to QR 3.5
April 12, 2017
Qatar National Bank (QNB) net profit for the first quarter of
2017 amounted to QR 3.2 billion compared to QR 2.8 billion in
the corresponding period last year. Earnings per share amounted
to QR 3.5 compared to QR 3.1 in the corresponding period in
2016.
The Group Securities Comment:
Net operating income for the first quarter of 2017 increased by
31.5% to QR 5.43 billion, of which QR 4.1 billion was net
interest income. Interest income jumped 71% to QR 9.18 billion,
while the cost of deposits increased by 139.7% to QR5 billion.
Total expenses increased to QR 2 billion including an increase
of QR 282 million in the cost of employees to reach QR 821
million, increase in other expenses to QR 631 million and
increase in customer loan losses which stood at QR 399 million.
As a result, the Bank's net profit in the first quarter
increased by 11.8% to QR 2865 million. In terms of the
comprehensive income, foreign currencies exchange rate
differences recorded a profit of QR 153.5 million compared to a
loss of QR 882.3 million in the corresponding period last year.
Net change in the fair value recorded a profit of QR 202 million
compared to a loss of QR 498 million. As a result, total income
reached QR 3185.8 million compared to QR 1 billion in the
corresponding period last year.
|