July 8, 2014 / 10:52 AM / in 4 years

Qatar National Bank Q2 net profit edges up, beats estimates

DUBAI, July 8 (Reuters) - Qatar National Bank (QNB), the largest lender in the Gulf Arab region, reported a small increase in second quarter net profit on Tuesday, according to Reuters calculations, beating analysts’ expectations.

The bank made a net profit of 2.7 billion riyals ($741.7 million) in the three months to June 30, compared with 2.6 billion riyals in the corresponding period of last year, Reuters calculated based on financial statements.

Analysts polled by Reuters on average forecast QNB would make a quarterly net profit of 2.53 billion riyals.

QNB, which wants to become the largest bank in the Middle East and Africa by 2017, said in a statement its net profit for the first six months of 2014 was 5.1 billion riyals, versus 4.7 billion riyals in the same period of last year. ($1 = 3.6403 Qatar Riyals) (Reporting by David French; Editing by Matt Smith)

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