Cairo – Mubasher: Qatar National Bank AlAhli (QNBA) on Tuesday reported a 27% year-on-year surge in its profits during the first quarter of 2018 on the back of lending revenue growth.

The lender's profits amounted to EGP 1.6 billion during the three-month period ended 31 March 2018, down from EGP 1.26 billion in the same quarter a year earlier, according to the bank’s filing to the Egyptian Exchange (EGX).

The bank’s consolidated financial statements showed an increase in loan revenue during Q1-18, registering EGP 7.25 billion, compared to EGP 5.32 billion in Q1-17.

During the full-year 2017, QNBA’s profits surged 31% to EGP 5.52 billion versus EGP 4.2 in the prior year, according to the consolidated financial statement.

While the lender's standalone profits rose to 5.29 billion last year, compared to EGP 4 billion in the year before.