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Qatar National Bank achieves profits of QR3.3 billion in first quarter

Qatar National Bank

Qatar National Bank achieved a profit of 3.3 billion Qatari riyals, a decrease of 7% compared to the previous year, data for the first quarter of 2021 showed.

Despite the impact of the Coronavirus pandemic, operating income stabilized at QR6.7 billion ($1.8 billion), which reflect the banks’ success in achieving significant growth in various sources of income.

The bank has also recorded allocating loan losses of QR1.4 billion in order to face the long-term financial effects of the pandemic

Qatar National Bank

Qatar National Bank is a subsidiary of QNB Group, which has become the first banking financial institution whose assets value exceeds one trillion riyals at the end of the fiscal year ending 2020. The group succeeded in increasing an estimated amount of QR1,042 billion ($286 billion), an increase of 8% over the first quarter of 2020.

The bank has also diversified sources of financing, which led to an increase in the volume of customer deposits to reach an amount of QR750 billion ($206 billion). This contributed to an improvement in the ratio of loans to deposits by 96.1% at the end of the first quarter of the year 2021.

It is also noteworthy that loans have grown by up to 2% to reach an amount of QR721 billion.

Issuance of bonds

Previously Qatar National Bank announced launching a five-year bonds worth one billion dollars, within the framework of the “Medium Term Debt Securities (EMTN) Program”.

The issuance is part of the group’s efforts to diversify its sources of financing by issuing bonds in new geographic regions and markets with multiple maturities.

Qatar National Bank’s profits fell during 2020, by 16% on an annual basis, and reached QR12 billion, supported by allocations of QR5.8 billion riyals.

The Bank recommended distributing cash dividends for the past year at a rate of 45% of the nominal value of 0.45 riyals per share, for a total of 4.2 billion riyals.

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