July 10, 2019 / 10:35 AM / 8 days ago

REFILE-Qatar National Bank posts 4 pct increase in H1 net profit

(Corrects exchange rate conversion in second para)

July 10 (Reuters) - Qatar National Bank, the biggest lender in the Gulf region, posted a 4% increase in first-half net profit, it said on Wednesday.

The bank reported a net profit of 7.4 billion qatar riyals ($2 billion) in the six months to June 30, the bank said in a statement, compared with 7.1 billion riyals reported in the corresponding period of 2018.

The second-quarter profit was 3.84 billion riyals, based on Reuters calculation. EFG Hermes had projected a net profit of 3.77 billion riyals in the second quarter.

Loans and advances grew by 5% for the first half of 2019, to reach 634 billion riyals, the bank said.

Qatar has largely shrugged off attempts by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt to put pressure on its economy after they cut diplomatic and transport ties in the middle of 2017. ($1 = 3.6575 Qatar riyals) (Reporting by Eric Knecht; Editing by Saeed Azhar)

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