The bank made a third-quarter net profit of 1.9 billion riyals ($521 million), according to Reuters calculations, compared with 1.5 billion riyals in the same period last year.

Reuters calculated the net profit figure from the company’s previous financial statements.

QNB reported a nine-month net profit of 5.4 billion riyals for the period ended Sept. 30. It did not provide figures for the third quarter. 

Loans and advances and financing activities rose 43.9 percent at the end of September from the prior year period. Customer deposits jumped 31.4 percent. 

QNB is the first major regional lender to report earnings and is closely watched for indications of the sector’s performance. 

The bank boosted salaries for Qatari employees by 60 percent in line with a recent move by the state’s government, two sources familiar with the matter told Reuters last week.

In September the Qatari government hiked salaries, pensions and benefits for its state and military employees by 60 percent, in a move seen as an attempt to help preserve stability in the state.

QNB is 50-percent owned by sovereign wealth fund Qatar Investment Authority and has been expanding abroad, with operations in Syria, Jordan, the UAE and Switzerland. 

Banks in Qatar are expected to benefit as the country is one of the world’s fastest growing economies and is set to spend more on infrastructure as it prepares to host the 2022 World Cup.