#Qatar banks’ first-half 2021 net profit returns to pre-pandemic levels | Banking – Gulf News

Qatar banks’ first-half 2021 net profit returns to pre-pandemic levels | Banking – Gulf News

Eight leading Qatari banks reported an aggregate net profit of QAR11.8 billion ($3.2 billion), up 12 per cent from the year-earlier and 1 per cent higher than in the first half of 2019.

The rise in earnings were largely driven by an increase in both net interest and non-interest income.

Growth in net profit was consistent across the banks and largely driven by an increase in both net interest and non-interest income, according to rating agency Moody’s.

Loan-loss provisions remained elevated while costs were broadly flat. The recovery of oil prices and the resolution of Qatar’s diplomatic dispute with some of its neighbours are expected to support the banks’ full-year performance in 2021.

“We expect bottom-line profitability to remain stable in the second half of the year and relatively strong compared with regional peers,” said Nitish Bhojnagarwala, Vice President and Senior Credit Analyst at Moody’s.