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QNB profit rises 5% in 2018

QNB profit rises 5% in 2018

Mubasher: Qatar National Bank (QNB) on Tuesday reported a 7.1% year-on-year increase in net profits during the fourth quarter of 2018.

The Middle East’s largest lender’s net profits amounted to QAR 3 billion ($828 million) from October to December 2018, up from QAR 2.8 billion ($773 million) in Q4-17, according to a statement to the Qatar Stock Exchange (QSE).

During the full-year 2018, the Qatari lender reported a 5% year-on-year profit hike, logging QAR 13.8 billion compared to QAR 13.1 billion a year earlier.

QNB’s board of directors recommended distributing a cash dividend of QAR 6 cash for 2018.

Assets went up 6% year-on-year to QAR 826 billion by the end of the last year, registering the highest rate of assets.

“QNB demonstrated strong, sustainable and profitable growth, delivering a solid performance for 2018,” the bank’s acting CEO Abdulla Mubarak AlKhalifa stated.

QNB’s stock rose 1.01% to QAR 200 by the end of Tuesday’s trading session, leading the Qatari bourse in terms of traded value with QAR 48.8 million after 245,700 shares were exchanged.