Qatar National Bank QPSC: Mideast’s Biggest Bank Raised Provisions and Remains - Bloomberg
Qatar National Bank QPSC braced for credit losses by boosting the amount of money set aside in provisions and signaled caution over the main international markets where it has a presence.
The Middle East’s biggest bank booked 7.1 billion riyals ($1.9 billion) in loan-loss provisions during 2021, up 21% from the previous year, according to a statement on Tuesday. Total assets rose about 7% to 1.1 trillion riyals.
The Doha-based bank said it “remains cautious on the external environment with respect to potential risks that may arise from key markets where QNB Group operates.”
Many banks in the Gulf are seeing higher profits on the back of improvements in trade and tourism as regional economies recover from the pandemic. Qatar’s outlook for 2022 has also brightened thanks to higher energy prices and the possible boon to business from the soccer World Cup.
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