UPDATE 1-QNB's Q2 profit falls after sharp rise in loan provisions - Reuters

UPDATE 1-QNB's Q2 profit falls after sharp rise in loan provisions - Reuters:

#Qatar National Bank’s second-quarter profit fell after it booked sharply higher loan loss provisions due to the global economic conditions, the Gulf’s biggest lender said on Sunday.

Fitch Ratings said last month that it expects Qatar’s non-hydrocarbon sector to contract by 5% this year and gross domestic product to shrink 3.8%.

QNB posted 2.84 billion riyals ($779.90 million) in net profit in the second quarter, down from 3.83 billion riyals a year earlier.

The second-quarter figure was lower than EFG Hermes’ forecast of 3.316 billion riyals for QNB, which operates in more than 31 countries, including large operations in Turkey and Egypt.

The bank increased its loan loss provisions in the second quarter to 1.5 billion riyals from 650.5 million a year earlier.