DUBAI, Jan 15 (Reuters) - Qatar National Bank (QNB), the Gulf’s largest lender, reported a 8.3 percent increase in fourth-quarter net profit, according to Reuters calculations on Sunday. The bank’s net profit was 2.75 billion riyals ($755 million) in the three months to Dec. 31, compared with 2.54 billion riyals in the corresponding period of 2015, Reuters calculations showed, using financial statements in lieu of a quarterly earnings breakdown. EFG Hermes forecast the bank would make a net profit of 2.99 billion riyals during the quarter, while SICO Bahrain forecast a quarterly net profit of 3.44 billion riyals. For 2016 as a whole, QNB, now the largest bank in the Middle East and Africa by assets, reported a net profit of 12.4 billion riyals, up 10 percent from 2015, according to a statement. QNB’s board proposed a cash dividend for 2016 of 3.5 riyals per share and a bonus share dividend which would award one free share for every 10 shares currently owned. In 2015, it awarded a cash dividend of 3.5 riyals per share and a bonus share dividend of two free shares for every 10 shares held. ($1 = 3.6408 Qatar riyals) (Reporting By Tom Arnold; Editing by Susan Fenton)
Qatar National - Q4 2016 net profit of QAR2.8bn ($755m), up 8.3% YoY.