QNB Al Ahli’s Net Profits from Companies Soar by 164.23% in H1-2023
First Bank
Qatar National Bank Al Ahli has achieved strong profits this year, primarily driven by substantial growth in its net profits from companies, while also maintaining its robust performance in the Egyptian banking market.
The separate financial statements of QNB Al Ahli reveal robust net profits for the current year, surging by 86.09% to reach EGP 8.21 bn in the first half of 2023, compared to EGP 4.41 bn in the same period of 2022, representing a remarkable increase of EGP 3.8 bn. This achievement propels the bank to sixth place on First Bank' list of fastest-growing banks in net profits during the first 6 months of the current year.
When we delve into the bank's net profits from various sectoral activities, its net profits from companies (including current accounts, deposits, overdrafts, credit facilities, and financial derivatives) exhibited the most rapid growth, soaring by 164.23% to reach EGP 2.02 bn in the first half of 2023, as opposed to EGP 766.15 mn during the same period in 2022, marking an increase of EGP 1.26 bn.
Net profits from companies constituted approximately 24.65% of QNB Al Ahli's net profits in the first half of 2023.
Regarding the bank's net profits from individuals (including current accounts, savings, deposits, credit cards, personal loans, and mortgage loans), they rose to EGP 1.69 bn in the first half of 2023, compared to EGP 858.03 mn during the same period in 2022, representing a semi-annual growth rate of 97.16% and an increase of EGP 833.69 mn.
Net profits from individuals accounted for approximately 20.60% of 'QNB Al Ahli's' net profits in the first half of 2023.
In terms of the bank's net profits from investments (including mergers and acquisitions, investment purchases, corporate restructuring, and financial instruments), they increased by approximately 36.30%, totaling EGP 1.58 bn in the first half of 2023, as opposed to EGP 1.16 bn during the same period in 2022, reflecting an increase of EGP 421.67 mn.
Net profits from investments represented about 19.28% of 'QNB Al Ahli's' net profits in the first half of 2023.
As for the bank's net profits from other activities (including other banking activities such as asset management), they surged to EGP 2.91 bn in the first half of 2023, compared to EGP 1.63 bn during the same period in 2022, with a growth rate of 79% and an increase of EGP 1.29 bn.
Net profits from other activities accounted for approximately 35.47% of QNB Al Ahli's net profits in the first half of 2023.
