Mubasher: Qatar National Bank (QNB) on Tuesday reported a 7.4% increase in net profits in the fourth quarter of 2017, as its assets rose to all-time high.

Profits levelled up to QAR 2.9 billion ($796.6 million) in Q4-17 from QAR 2.7 billion ($741.7 million) in the same period a year earlier.

Over the course of 2017, net profits of the Gulf's largest lender increased 6% to QAR 13.1 billion versus QAR 12.3 billion the previous year.

Similarly, QNB’s total assets surged 13% to QAR 811 billion in 2017, the highest ever achieved by the group, from QAR 719.69 billion in 2016, according to the bank’s statement. 

In December 2017, earnings per share reached QAR 13.7 compared to QAR 13.1 in the corresponding period in the prior year.

The bank’s board recommended a cash dividend distribution of 60% of the nominal share value with QAR 6.0 per share.

QNB said that total loans grew 12% to QAR 584 billion in the last year, while deposits levelled up 16% to QAR 586 billion.

During the first nine months of 2017, QNB’s profits went up 6.2% to QAR 10.25 billion from QAR 9.65 billion for the same period in 2016.