#Qatar National Bank profits drop 16% as loan loss provisions rise | Reuters

Qatar National Bank profits drop 16% as loan loss provisions rise | Reuters

Qatar National Bank, the Gulf’s biggest bank by assets, on Tuesday reported a drop in annual profit of more than 16%, hit by $1.6 billion in impairments during a year when the region’s economy was affected by the coronavirus outbreak.

Gulf banks have faced a slowdown in business and a rise in loan impairments as Covid-19 hit the region. The outlook for 2021 is uncertain due to the protracted nature of the economic recovery.

QNB reported a net profit of 12 billion riyals ($3.20 billion)in 2020, it said in a statement, down from 14.4 billion riyals in 2019.

The profit was slightly above the mean forecast of 11.7 billion riyals by seven analysts, based on Refinitiv data.