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Qatar National Bank Q2 profit rises as total assets soar

Qatar NationalBank SAQ reported second-quarter profit attributable to equityholders of the bank of 3.38 billion Qatari riyals, up from 2.91 billion riyalsin the year-ago period.

EPS for the quarter was 4.0 riyals, compared to the year-ago3.5 riyals.

Total assets leapt during the first half, reaching 691.84billion riyals as of June 30, compared to 538.61 billion riyals at year-end2015 and 510.53 billion riyals at June 30, 2015. Loans and advances tocustomers totaled 496.64 billion riyals at June 30, compared to 356.22 billionriyals a year earlier, while total deposits came to 488.41 billion riyals, upyear over year from 377.54 billion riyals.

Second-quarter net interest income amounted to 5.61 billionriyals, a sharp rise from 3.22 billion riyals in the year-ago period. Net feeand commission income rose to 1.27 billion riyals from 582.2 million riyals.Net impairment losses on loans and advances to customers rose to 1.06 billionriyals from 170.0 million riyals.

For the first half, Qatar National Bank reported profitattributable to equity holders of the bank of 6.25 billion riyals, up from 5.59billion riyals in the year-ago period.

Net interest income rose to 8.90 billion riyals from 6.37billion riyals in the first half of 2015, with the contribution frominternational banking more than doubling to 4.53 billion riyals from 2.02billion riyals.

Qatar National Bank completed the purchase of 99.81% of on June 15, and it saidthe Turkish lender had contributed 3.35 billion riyals of net operating incomeand 554 million riyals of profit for the first half.

Qatar National Bank said its Basel III capital adequacyratio stood at 14.2% as of June 30, compared with 16.3% at 2015-end and 14.4%as of June 30, 2015.

As of July 11, US$1 was equivalent to 3.64 Qatari riyals.