The bank announced in a statement today, Tuesday, a net profit of 12.7 billion riyals in the nine months until September 30, an increase of seven percent over the previous year.
The bank achieved a net profit of 8.2 billion riyals in the first six months of the year. Reuters counted the net profit for the third quarter according to previous financial data.
According to data from the London Stock Exchange Group, analysts expected quarterly profits of 3.9 billion riyals.
And he said Qatar National Bank Loans and advances amounted to 905 billion riyals in the nine months to September 30, an increase of 11 percent over the same period last year.
The growth in Qatar National Bank’s loan portfolio helped raise the bank’s total assets to about 1.3 trillion riyals, an increase of eight percent year-on-year.
Deposits at the bank, which is 50 percent owned by the Qatar Investment Authority, Qatar’s sovereign wealth fund, increased 11 percent during the same period to 909 billion riyals.
According to data from the London Stock Exchange Group, Qatar National Bank shares have risen by more than three percent since the beginning of the year.
Qatar National Bank Group said last month that it had obtained regulatory approval to buy back shares, which would be worth up to 2.9 billion riyals and financed from existing cash resources.
The bank said on Tuesday that it had begun the repurchase process.
He added that the Qatar National Bank Group will continue to maintain strong capital reserves, and does not expect any material impact on its capital and other ratios due to the share repurchases that it intends to undertake.
