QNB grows by 30.4% on First Bank composite growth index during H1- 2024

The Separate financial statements of Qatar national Bank- QNB, which ended on June 30 of the current year, revealed that the bank achieved a composite growth rate of 30.39% during the period from January to June 2024.

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, during H1-2024

QNB managed to achieve positive results across all its sub-indicators constituting First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 62.01%, recording EGP 13.30 bn during the first half of 2024, compared to EGP 8.21 bn in the same period in 2023, an increase of EGP5.09bn.

Total loan portfolio and credit facilities at the bank were the second contributor to this growth, it grew with a growth rate of 20.09%, during H1-2024 reaching EGP 322.52 bn by the end of June 2024, compared to EGP 268.58bn at the end of December 2023, an increase of EGP 268.58bn.

Total customer deposits at the bank was the third contributor to the growth of QNB, with a growth rate of 20.06% and an increase of approximately EGP 106.36 bn during H1 -2024, to record EGP 636.48 bn by the end of June 2024, compared to EGP 530.12 bn at the end of December 2023.

The size of Asset portfolio increased by 19.40% during the first Half of the current year, reaching EGP 740.93bn by the end of June 2024, compared to EGP 620.53 bn at the end of December 2023, with an increase of EGP 120.39 bn.