(The Group’s Comments) QNB Net Profit for Q1 2019 Increased by 4% to QR 3.6 Billion

April 09, 2019

-        Net profit: Qatar National Bank reported a profit growth of about 4.0% in the first quarter of this year, an increase of QR 137 million compared to the same period of 2018, recording a profit of QR 3,568 million. However, the bank’s earnings per share stood at QR 3.60, the same EPS for the corresponding period of 2018, when profits amounted to QR 3,431 million. The quarterly statements of the bank did not include any clarifications thereon, but it should be noted that part of the profits go as interest on additional capital instruments.

-        The Bank's operating income increased by 2.50% to reach QR 6,108 million. This improvement was due to the increase in the interest income by QR 153.5 million, an increase of 3.30%, and the climb in the foreign exchange profits by about QR 60 million.

-        Loans and customer deposits grew by 4.5% and 5.0% respectively, while the loans to deposits ratio stood at 98.3% during the first quarter. However, losses of loans and advances increased by QR 701 million, compared to QR 599 million recorded in the same period of 2018. Also, the balance of debt securities increased by QR 3.7 billion to QR 31.2 billion during the period.

-        In respect of the comprehensive statement of income, it included an impairment loss of QR551 million compared to an impairment loss of QR 1,470 million for the same period in 2018.