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QNB Al Ahli’s consolidated profits exceed EGP 7bn in Q1-24

QNB Al Ahli’s consolidated profits exceed EGP 7bn in Q1-24
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Cairo – Mubasher: Qatar National Bank Al Ahli (QNB Al Ahli) logged consolidated net profits after tax worth EGP 7.04 billion in the first quarter (Q1) of 2024.

The recorded net profits were higher year-on-year (YoY) than EGP 4.71 billion, including minority interest, according to the financial results.

Net interest income hiked to EGP 9.88 billion in the January-March 2024 period from EGP 6.62 billion in Q1-23, while the earnings per share (EPS) increased to EGP 2.86 from EGP 1.87.

In the first three months (3M) of 2024, the total assets enlarged to EGP 731.65 billion from EGP 628.75 billion as of 31 December 2023. Meanwhile, the customer deposits climbed to EGP 620.96 billion from EGP 529.55 billion.

Standalone Income Results

As of 31 March 2024, QNB Al Ahli posted higher standalone net profits after tax at EGP 6.85 billion, compared to EGP 4.48 billion in Q1-23.

Non-consolidated net interest income reached EGP 9.71 billion in Q1-24, an annual surge from EGP 6.52 billion.

During the 12-month period that ended on 31 December 2023, the bank’s consolidated net profits after tax jumped YoY to EGP 16.22 billion from EGP 10.35 billion, including minority interest.