QNB AlAhli (QNBA) said on Sunday its Q3-2014 net profit climbed 24% compared to the same period a year earlier, through growth in its total assets of +19% compared to December 2013. QNB AlAhli reported net profit of LE 1,697 million, a 24% increase Y-o-Y and 2% Q-o-Q. The bank added in an earnings release that the Cost to income ratio has improved from 31% for 9M13 to 29% for 9M14. This is driven by net banking income increasing by +16% YoY, outstripping cost growth of only +8% YoY highlighting the strong cost management policies in place at QNB AA. Loans and deposits continued their strong performance growing in both retail and corporate businesses. Growth of loans and deposits amounted to +15% and +18% respectively from December 2013. With a solid client base, strong risk management policy, adequate capital buffer and the support of QNB Group, QNB AA is well positioned to capitalize and promote the ongoing recovery of the Egyptian economy. QNB AlAhli said that gross operating income reached LE 2.7 billion in the 9 month of 2014, up from 19% compared to the same period last year.
