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.
QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, has reported a 7% jump year-on-year in net profit to QR6.7bn in the first half of this year. The January-June
Qatar National Bank said it expects to meet its earnings targets as the ongoing Saudi-led campaign to ‘isolate’ the country has minimal impact on its operations.
The Middle East’s largest le
Qatar National Bank (QNB), the largest bank in the Middle East and Africa, has seen no significant outflows of deposits since a diplomatic rift started between Qatar and certain other Arab countries,
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