Cairo – Mubasher: The consolidated net profits of Qatar National Bank Al Ahli (QNB) jumped year-on-year (YoY) to EGP 13.74 billion in the first half (H1) of 2024 from EGP 8.66 billion.

QNB reported net interest income amounting to EGP 19.81 billion in the six-month period that ended on 30 June 2024, versus EGP 13.89 billion in H1-23, according to the consolidated financial results.

Meanwhile, the earnings per share (EPS) grew to EGP 5.55 in H1-24 from EGP 3.42 in H1-23.

Total assets enlarged to EGP 750.33 billion in H1-24 from EGP 628.75 billion as of 31 December 2023, whereas the customer deposits climbed to EGP 634.75 billion from EGP 529.55 billion.

During the second quarter (Q2) of 2024, the net profits hit EGP 6.69 billion, marking an annual surge from EGP 3.95 billion. The net interest income enlarged to EGP 9.95 billion from EGP 7.27 billion.

Quarterly, the net profits declined from the EGP 7.04 billion recorded in Q1-24.

Standalone Financials

In the first six months (6M) of 2024, QNB logged standalone net profits after tax valued at EGP 13.30 billion, compared to EGP 8.21 billion a year earlier.

Non-consolidated net interest income stood at EGP 19.49 billion in H1-24, up YoY from EGP 13.67 billion.

The EGX-listed bank generated higher net profits at EGP 6.45 billion as of 30 June 2024, compared to EGP 3.73 billion in Q2-23. Net interest income hiked to EGP 9.78 billion from EGP 7.18 billion.

Last month, the lender announced rebranding to QNB in line with its strategic objectives.