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Middle East's QNB Logs Rise In Profits For H1, 2017

Tom Burroughes

12 July 2017

, the Middle East-based group, said it logged net profit of QAR6.7 billion ($1.8 billion) in the first six months of 2017, a 7 per cent gain.

The lender, which provides private banking among its services, gave few details on this segment in its results press release yesterday. 

QNB said total assets reached QAR768 billion, up by 11 per cent from June 2016, the highest ever achieved by the group, it said. The growth was powered by a growth rate of 11 per cent in loans and advances.

A rise in deposits led to a 15 per cent in customer funding reach QAR562 billion.

The efficiency ratio (or cost to income ratio) stood at 29.3 per cent as at 30 June 2017, narrowing 30.4 per cent.