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Qatar National Bank posts YOY rise in Q1 net profit

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Qatar National Bank posts YOY rise in Q1 net profit

Qatar NationalBank SAQ on April 6 reported a first-quarter net profit of 2.9billion Qatari riyals, up from 2.7 billion riyals in the same quarter a yearago.

EPS rose to 3.4 riyals from 3.2 riyals over the same period.Operating income rose to 4.1 billion riyals in the first quarter of 2016 from4.0 billion riyals in the first quarter of 2015.

The bank's net interest income for the three months endedMarch 31, 2016, reached 3.3 billion riyals, up from 3.2 billion riyals in theyear-ago quarter. Net fee and commission income fell year over year to 540million riyals from 550 million riyals.

Qatar National Bank said its Basel III-compliant capitaladequacy ratio reached 15.8% as of March 31.

In addition, QNB Group said April 5 that it mandated CréditAgricole Corporate and Investment Bank, Société Générale Corporate &Investment Banking and ING Bank NV to arrange a new €1.50 billion three-yearterm senior unsecured loan facility. The new loan facility will be used forgeneral corporate purposes.

As of April 5, US$1was equivalent to 3.64 Qatari riyals.