Cairo – Mubasher: Qatar National Bank Al Ahli (QNB Al Ahli) reported an 18% year-on-year profit growth during 2019.

The lender’s net profit levelled up to EGP 8.5 billion in the twelve-month period ended 31 December, compared to EGP 7.2 billion a year earlier, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

Meanwhile, net interest income rose to EGP 13.75 billion last year from EGP 11.08 billion in 2018.

As for standalone business, the bank posted a net EGP 8.3 billion in 2019, compared to EGP 6.9 billion in the prior year.

Moreover, the bank’s board of directors recommended a cash dividend distribution of EGP 2 per share for 2019 earnings.

Dividends will be distributed for each share having a nominal value of EGP 10, including bonus shares previously approved to be distributed in February 2019.

It is noteworthy that during the January-September period of 2019, the lender’s net profits increased to EGP 6.45 billion, down from EGP 5.38 billion in the year-ago period, including minority shareholders’ rights.