QNB Group net profit reached QR3.5 billion for the six months ended June 20, 2011, up 30.1 percent against the same period last year. Total assets grew to QR263.6 billion, representing an increase of QR77.6 billion, or 41.7 percent in the period covered, the bank said in a statement Wednesday. Loans and advances and financing activities grew to QR150.5 billion, representing an increase of QR32.9 billion, or 28.0 percent. Customer deposits and unrestricted investment accounts also increased by QR57.1 billion (41.0 percent) during the period to reach QR196.3 billion. QNB Group has continued the international expansion plans during the first half of 2011. QNB Group completed its acquisition of PT Bank Kesawan, having a controlling stake of 70 percent ownership. This transaction will further enhance the Bank's presence in South East Asia, which already includes a branch in Singapore. "These outstanding financial results prove once again QNB's strong capabilities and its leading position in the area, along with the ability to record a strong and balanced growth across all its activities," Yousef Hussein Kamal, Chairman of the Board of Directors of Qatar National Bank, said. The customer deposits and unrestricted investment accounts also increased by QR57.1 billion (41 percent) during the period to reach QR196.3 billion.
