Doha – Mubasher: Qatar National Bank (QNB) on Thursday announced plans to apply for a licence in Saudi Arabia, news agency Reuters reported, citing QNB’s CEO Ali Ahmed Al Kuwari.
The bank, listed on the Qatar Stock Exchange (QSE), will apply to the Saudi Capital Market Authority (CMA) for a licence for its investment bank, the news agency added.
QNB plans to expand its operations by opening more branches in the Kingdom, not through acquisitions, Al-Kuwari added during the opening of QNB branch in Saudi Arabia.
The QSE-listed bank recently reported a profit increase by 11.5% to QAR 3.2 billion in the first quarter in 2017, compared to QAR 2.87 billion in Q1-16.
QNB had previously reported an increase of 9.4% in its profits reaching QAR 12.4 billion in 2016, compared to QAR 11.33 billion in 2015, registering the highest profits in the Qatari banks sector.
The stock closed Thursday at QAR 140, adding 1.45%.
