Qatar National Bank QPSC stated that its assets have passed the 1 trillion-riyal ($273.5 billion) mark and it set aside more money in provisions as a "precautionary measure."
Qatar , Qatar
17 January 2021, 12:00 AM
31 January 2021, 12:00 AM
Qatar National Bank said its assets passed the QR 1 trillion milestone even as general profits took a 16% hit.
The Middle East's biggest bank booked 5.8 billion riyals in loan-loss provisions, compared with 3.18 billion riyals a year ago, according to a statement on Tuesday. Total assets ended 2020 at 1.025 trillion riyals, an increase of about 9 per cent from the previous year.
The company’s profit dropped from QR 14.4bn in 2019 to QR 12bn in 2020, likely as a consequence of the economic impact of the COVID-19 pandemic.
“Considering the long-term financial impacts of COVID-19, QNB Group decided to set aside an additional 5.8 billion (riyals) in respect of loan loss provisions as a precautionary measure, which affected the net profit for the year,” the bank said.
The outlook for Qatar is turning more favorable following the restoration of its ties with Saudi Arabia, the United Arab Emirates, Bahrain and Egypt after a diplomatic breakthrough this month ended a three-year dispute.