Profits at QNB Alahli, Qatar's largest lender, jumped sharply in Egypt during the second quarter of 2022, reflecting a strong performance.
According to financial results announced by the bank, its net profit grew by 55.1% year-on-year to reach EGP 3.95 billion in the three months to June 30, compared with EGP 2.54 billion in the same period of 2021.
Net income increased at a faster pace of 56.3% to EGP 7.27 billion in the second quarter of 2022 from EGP 4.64 billion a year earlier.
QNB Alahli said the value of its loans and facilities to customers amounted to EGP 236.3 billion by the end of June, while deposits surpassed EGP 460.5 billion.
For the first half of 2022 as a whole, the bank's profits rose by 82.2% to exceed EGP 8.66 billion compared to EGP 4.75 billion in the same period of 2021.
The strong earnings growth reflects QNB Alahli's solid position in the Egyptian market, with a sizable loan book and deposit base supporting higher interest income and fees.
QNB Alahli, which is majority owned by Qatar National Bank, is one of the largest foreign banks operating in Egypt.
