The combined results of the eight Qatari banks remained strong despite the impact of COVID-19 on operating conditions and rise in provisions, according to rating agency Moody’s.
Aggregate profitability weakened marginally in 2020. The aggregate return on assets was 1.2 per cent, compared with 1.4 per cent in 2019. The banks’ combined net profit declined 12 per cent year-over-year to QAR20.4 billion.
Five of the eight banks reported lower net profit. The decline in bottom-line profitability mainly reflected higher pandemic-related provisioning, which was partly offset by cost savings and higher net interest income.
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