Record Surge in QNB ALAHLI’s Net Profits, Achieving Fastest Quarterly Growth in 5 Years
First Bank
Qatar National Bank recorded a record rise in its net profits during the first 9 months of the current year, as it was able to record the fastest quarterly growth in its net profits in 5 years, confirming the efficiency and flexibility of the policies and executive measures that helped the bank achieve this strong performance.
The net profits of Qatar National Bank jumped by about 71.38%, to record EGP11.92 bn during the first 9 months of 2023, compared to EGP6.95 bn during the same period of 2022, an increase of EGP4.96 bn.
As for the growth rates achieved in the past years, the bank achieved during the first 9 months of 2019, a growth of about 20.19% in its net profits, while it recorded a decline of about 10.21% during the same period of 2020, affected by the repercussions of the Corona pandemic that was declared a global epidemic in that period
As for its performance during the first 9 months of 2021, Qatar National Bank achieved weak growth in its net profits of only 2.19%, while it recorded an increase of about 22.14% during the same period of 2022
The big jump that the bank achieved in its net profits came with the support of the large increase that witnessed the net income from the return, as it rose to EGP21.63 bn during the first 9 months of 2023, compared to EGP13.80 bn during the same period of 2022, a growth rate of 56.74%, and an increase of EGP7.83 bn.
The net income from fees and commissions also rose to EGP2.99 bn during the first 9 months of 2023, compared to EGP1.79 bn during the same period of 2022, a growth rate of 67.20%, and an increase of EGP 1.20 bn.
Qatar National Bank recorded a strong performance during the current year on the level of its financial indicators, as the portfolio of assets rose from EGP476.79 bn at the end of 2022, to EGP584.04 bn at the end of September 2023, a growth rate of 22.49%, and an increase of EGP107.25 bn.
Net loans of the bank’s customers rose to EGP243.58 bn at the end of the third quarter of 2023, compared to EGP 216.59 bn at the end of 2022, a growth rate of 12.46%, and an increase of EGP26.99 bn.
The portfolio of customer deposits jumped by about 22.42%, to record EGP498.34 bn at the end of September 2023, compared to EGP407.07bn at the end of 2022, an increase of EGP91.27 bn.
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