QNB's second quarter profits came in ahead of analyst forecasts, in spite of the country's economic isolation. Emre Rende / The National
QNB's second quarter profits came in ahead of analyst forecasts, in spite of the country's economic isolation. Emre Rende / The National

As crisis lingers QNB reports 3.6 per cent rise in second-quarter profit



Qatar National Bank (QNB), the country's largest lender, reported a 3.6 per cent rise in second quarter net profits  yesterday, in the first major results announcement by a Qatari firm since the country's economic isolation began a month ago.

The bank, which is also the largest lender in the Arabian Gulf, said its first-half net profit hit a record 6.7 billion Qatari riyals (Dh6.24bn), up about 7 per cent from 6.25bn riyals a year earlier, as loans grew 11 per cent. The bank also cited a drop in bad debt charges and lower staff costs as positive for its bottom line.

QNB reported a net profit of about 3.5bn riyals in the three months to June 30, compared with 3.38bn riyals in the corresponding period of 2016, according to its detailed results.

Three analysts polled by Reuters had on average forecast a quarterly net profit of 3.027bn riyals.

The bank did not make reference to the rift between Qatar and a coalition of countries led by the UAE and Saudi Arabia, which suspended political and economic ties with the country early last month.

QNB said last month that there had been no significant outflows of deposits since the rift started, adding it had a "robust" liquidity position. The country's central bank governor Sheikh Abdullah Al Thani said the sheikhdom had US$340bn in reserves that could help it weather its economic isolation.

According to Bloomberg institutional investors from the six-nation GCC were net sellers of Qatari stocks in almost every session since June 5, with about $240 million of outflows from GCC institutions. Qatar’s bourse dropped 10 per cent since start of the crisis, more than any other major global benchmark, according to the agency.

Moody's Investors Service last week changed the outlook on QNB's deposit ratings to negative from stable following a shift in the outlook for the government.

Moody's cited a weakening domestic operating environment, particularly for bank funding, and a reduced capacity of the Qatar government to support banks as reasons for the change.

QNB's net impairment losses on loans and advances to customers fell to 221.68m riyals, from 1.05bn riyals a year earlier, while the loan to deposit ratio hit 98.3 per cent compared with 101.7 per cent in June 2016.

Thirty-six per cent of commercial banks' total liabilities in May were to foreigners, including others in the GCC, although analysts say QNB's funding sources are more diversified than others.

with Reuters

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Scoreline

Syria 1-1 Australia

Syria Al Somah 85'

Australia Kruse 40'

Guide to intelligent investing
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Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

The Way It Was: My Life with Frank Sinatra by Eliot Weisman and Jennifer Valoppi
Hachette Books

THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
ACL Elite (West) - fixtures

Monday, Sept 30

Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)

Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)

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INDIA'S%20TOP%20INFLUENCERS
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Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

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The Bio

Ram Buxani earned a salary of 125 rupees per month in 1959

Indian currency was then legal tender in the Trucial States.

He received the wages plus food, accommodation, a haircut and cinema ticket twice a month and actuals for shaving and laundry expenses

Buxani followed in his father’s footsteps when he applied for a job overseas

His father Jivat Ram worked in general merchandize store in Gibraltar and the Canary Islands in the early 1930s

Buxani grew the UAE business over several sectors from retail to financial services but is attached to the original textile business

He talks in detail about natural fibres, the texture of cloth, mirrorwork and embroidery 

Buxani lives by a simple philosophy – do good to all

The specs

A4 35 TFSI

Engine: 2.0-litre, four-cylinder

Transmission: seven-speed S-tronic automatic

Power: 150bhp

Torque: 270Nm

Price: Dh150,000 (estimate)

On sale: First Q 2020

A4 S4 TDI

Engine: 3.0-litre V6 turbo diesel

Transmission: eight-speed PDK automatic

Power: 350bhp

Torque: 700Nm

Price: Dh165,000 (estimate)

On sale: First Q 2020

FIXTURES

Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)

Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)

Friday, February 1
Final, Zayed Sports City Stadium (6pm)

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

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A timeline of the Historical Dictionary of the Arabic Language
  • 2018: Formal work begins
  • November 2021: First 17 volumes launched 
  • November 2022: Additional 19 volumes released
  • October 2023: Another 31 volumes released
  • November 2024: All 127 volumes completed
UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)