QNB posts record Q1 profit



Qatar National Bank (QNB), the country's largest lender by market value, made a record profit in the first-quarter rising 40.5 per cent to QAR917.3 million (Dh926m).

 

Earnings per share rose to QAR4.2, compared with QAR3.4 in the year-earlier period, the lender said in a statement on Wednesday.

 

"The financial results for the quarter ended March 31, 2008 were a direct outcome of the investment strategies adopted by the broadening of the bank's geographical presence," Chairman Yousef Hussein Kamal said in the statement.

 

QNB made a profit of QAR652.8 million in the first quarter of last year.

 

Loans and advances, and financing activities climbed to QAR77.4 billion and net operating income rose to QAR1.2 billion, up 38.6 per cent on the year-earlier period. (Reuters)

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