Qatar National Bank posts 10.5 percent in Q3 net profit

  • Qatar National Bank (QNB) posted a 10.5 increase in third-quarter net profit on the back of increased interest income and a drop in loan impairments.

    The bank, which is in talks to buy Societe Generale's Egyptian arm, reported a net profit of $577 million for the third quarter, compared with $521 dollars the previous year.

    Banks in Qatar are expected to reap in further profits, as the country is one of the fastest-growing economies in the world.

    Qatar is also set to spend more on infrastructure as it prepares to host the 2022 World Cup soccer tournament.

    QNB, whose results are generally viewed as an indicator for the sector's performance in the region, reported a nine-month net profit of $1.7 billion, up 15 percent from a year earlier.

    The Gulf bank is 50-percent owned by sovereign wealth fund Qatar Investment Authority, with operations in Syria, Jordan, the United Arab Emirates and Switzerland.