Qatar National Bank’s net profit rises 10% in FY16

Qatar National Bank (QNB) reported a net profit of QAR 12.4 billion ($3.4 billion) for the twelve months ended Dec. 31, 2016, up 10 percent year-on-year (YoY), the lender said in a statement on Sunday.

Total assets reached QAR 720 billion ($198 billion), up by 34 percent from December 2015. Asset growth was driven by loans and advances which grew by 34 percent to reach QAR 520 billion ($143 billion).

QNB has also increased its customer funding by 28 percent to QAR 507 billion ($139 billion), with the loan-to-deposit ratio reaching 103 percent, the statement said.

The bank’s non-performing loan ratio was maintained at 1.8 percent, while the coverage ratio improved to 114 percent as of Dec. 31, 2016.

The lender’s board of directors has recommended the distribution of a cash dividend of 35 percent of the nominal share value (QAR 3.5 per share) and a bonus share of 10 percent of the share capital (1 share for every 10 shares).