Qatar National Bank Q4 net profit up 8.3pc

DUBAI: Qatar National Bank (QNB), the Gulf's largest lender, reported a 8.3 percent increase in fourth-quarter net profit, according to Reuters calculations on Sunday.

The bank's net profit was 2.75 billion riyals ($755 million) in the three months to Dec. 31, compared with 2.54 billion riyals in the corresponding period of 2015, Reuters calculations showed, using financial statements in lieu of a quarterly earnings breakdown.

EFG Hermes forecast the bank would make a net profit of 2.99 billion riyals during the quarter, while SICO Bahrain forecast a quarterly net profit of 3.44 billion riyals.

For 2016 as a whole, QNB, now the largest bank in the Middle East and Africa by assets, reported a net profit of 12.4 billion riyals, up 10 percent from 2015, according to a statement.

QNB's board proposed a cash dividend for 2016 of 3.5 riyals per share and a bonus share dividend which would award one free share for every 10 shares currently owned.

In 2015, it awarded a cash dividend of 3.5 riyals per share and a bonus share dividend of two free shares for every 10 shares held.