The bank, which completed the purchase of a majority stake in Societe Generale’s Egyptian arm for $2bn last March, reported a net profit of SAR 2.4bn (Saudi riyals, $659m) for the final three months of 2013, according to Reuters calculations based on company data.
This compared with SAR 2.11bn in the same period of 2012.
Analysts, on average, had forecast a net profit rise of 17.5% to SAR 2.48bn.
Full-year profit for 2013 was SAR 9.5bn, also up 13.7% on the previous year, the company said in a statement on Tuesday.
QNB’s board has recommended a cash dividend of SAR 7 per share for 2013, the statement added. This is up from the SAR 6 per share paid for the previous year, according to Reuters data.