(MENAFN- Daily News Egypt) Net profits for Qatar National Bank (QNB Al-Ahli) reached EGP 622m in March, marking a 30% increase compared to the same month in 2015, the bank announced Thursday.
Meanwhile, the consolidated net profits registered EGP 649m, with a 22% increase from March last year.
The QNB group is a leading bank in the Middle East and North Africa region, with acquisitions of almost 45% of the total domestic assets of the banking sector in Qatar. Founded in 1964, the bank was the first Qatari-owned commercial bank. Its ownership structure is divided equally between the Qatar Investment Authority (QIA) and the private sector.
In 2013, the Egyptian Financial Supervisory Authority (EFSA) approved QNB's offer to buy 100% of National Société Générale Bank (NSGB), renaming the bank as QNB Al-Ahli. In September 2014, QNB announced the acquisition of a 12.5% stake (both ordinary and convertible preference shares) in African bank Ecobank.
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