QNB aims to be largest lender in Mideast, Africa by 2017


07/02/2014 08:53 AST

Qatar National Bank (QNB) is aiming to become the largest lender in the Middle East and Africa by 2017, its finance head said, as the bank continues to look beyond its home market for growth opportunities.

Currently the biggest bank in the Gulf region, it is looking for acquisition targets in Turkey, Morocco and sub-Saharan Africa, Chief Financial Officer Ramzi Mari said.

However, the lender, which bought Societe Generale’s Egyptian business last year, is not currently working on any acquisitions, he said.

The bank is targeting a net profit increase of between 7 and 9 percent and loan growth of between 12 and 14 percent in 2014, with international markets becoming increasingly important in fueling higher lending, said Mari.

QNB’s net interest margin in 2014 was expected to be in the region of 2.8 to 2.9 percent, he added.

Reuters
Qatar National Bank (QNB) - QNBK
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
GFH 0.46 3,578,848
DSI 0.39 45,711,538
DAMAC 3.84 686,475
BKSB 0.14 275,822
QNBK 135.9 109,396
AIRARABIA 1.12 4,055,524
EEC 18.03 354,774
Recent News

$32bn worth urban projects 'at tendering stage in GCC'
As many as 801 construction projects with a combined estimated value of Dh117.44 billion ($32 billion) are currently in the tendering stage in the GCC's urban construction sector, according to a repo

Drake & Scull to proceed with Fairmont Abu Dhabi MEP works
Drake & Scull International (DSI), a regional market leader in engineering and related services, has announced that it will proceed with the mechanical, electrical and plumbing (MEP) works for the Fa

Engie completes $762m investment in Tabreed
The National Central Cooling Company (Tabreed) has announced the successful completion of an investment of approximately Dh2.8 billion ($762.32 million) by Engie, a global energy company, to acquire

UAE Central Bank deposits top $33 billion in H1
The total value of monetary deposits at the UAE Central Bank amounted to Dh123 billion ($33.5 billion) during the first half (H1) of the year, Dh122.95 billion of which are in banknotes and Dh50 mill

Qatar sovereign wealth fund trims Credit Suisse stake
The Qatar Investment Authority has reduced its shareholding in Credit Suisse Group to 4.94 percent, amid the Middle Eastern nation’s diplomatic crisis with neighbouring countries.

The coun

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?