DOHA, 11 October 2006 — Qatar National Bank (QNB) achieved a net profit of 1.61 billion Qatari riyals for the nine months ended Sept. 30, up 433.9 million riyals (37 percent) on the 1.17 billion delivered on Sept. 30, 2005, according to QNB Chairman Yousef Hussein Kamal.
Announcing the outstanding financial results achieved by the bank for the third quarter of 2006, ending Sept. 30, he said QNB’s total operating income increased by 436.1 million riyals (28.1 percent) to 1.99 billion riyals.
The increase in total operating income is mainly due to the increase in net interest income and income from Islamic financing of 288 million riyals (30.6 percent) to reach 1.23 billion riyals and the increase in other income of 148.2 million riyals (24.3 percent) to reach 759 million riyals.
Net Fees and commissions grew by 75.5 million riyals (27.2 percent) to 353 million riyals. At the same time, dividend income grew by 20.6 million riyals (31.4 percent) to 86.1 million riyals, reflecting a high dividend distribution of the bank’s Doha Securities Market (DSM) equity portfolio.
Net Gains from dealing in foreign currencies grew by 35.4 million riyals (79.9 percent) to 79.7 million riyals.
Total assets grew since Sept. 30, 2005 to 69.6 billion riyals, representing an increase of 22.4 billion riyals, or 47.5 percent.