Reports
Middle East's QNB Reports Net Profit Dip In 2020
The organisation provides services including private banking.
QNB, the largest financial
institution in the Middle East and Africa (MEA), has announced
its results for the three months ending 31 March 2021.
Qatar National Bank (QNB), which provides services including
private banking, reported a net profit of QAR3.3 billion ($900
million) in 2020, falling by 7 per cent from the same period a
year ago.
The Middle East-based lender chalked up operating income of
QAR6.7 billion, in line with the result for 2020.
The firm set aside a loan loss provision of QAR1.4 billion as a
precautionary measure, taking into account the long-term view of
the financial affects of COVID-19 pandemic. As at the end of
March this year, the ratio of non-performing loans stood at 2.2
per cent, which QNB said is one of the lowest rates of any bank
in the Middle East region.
The bank had an income/cost margin of 23.4 per cent.
QNB said it had a Capital Adequacy Ratio – a standard measure of
a bank’s capital buffer – of 19 per cent, higher than the
regulatory minimum requirements of the Qatar Central Bank and
Basel Committee.
