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Qatar National Bank 9-month profit rises 6% YOY

Qatar National Bank (QPSC) reported net profit attributable to equity holders of the bank for the nine months to Sept. 30 of 10.3 billion Qatari rials, up 6% from 9.7 billion rials in the same period in 2016.

EPS for the period was 10.7 rials, compared to the year-ago's 10.3 rials.

Net interest income fell by 3% year over year to 13.2 billion rials from 13.6 billion rials, primarily driven by the devaluation of the Egyptian pound in late 2016. The bank noted that had there been no devaluation, its net interest income and net fees and commission income would have increased by 6% and 9%, respectively. Net fees and commission income, meanwhile, remained flat at 2.7 billion rials.

Total assets for the nine-month period reached 792 billion rials as of Sept. 30, compared to 713 billion rials a year ago. Net loans and advances increased on a yearly basis to 579 billion rials from 507 billion rials, while customer deposits also rose to 574 billion rials from 501 billion rials.

The bank's capital adequacy ratio under Basel III stood at 15.4% at September-end, or 18.0% including profitability up to Sept. 30.

As of Oct. 10, US$1 was equivalent to 3.64 Qatari rials.