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FinancialNews
12-04-21
Qatar National Bank net profit drops 7 percent to USD906M
(MENAFN)The first quarter net profit dropped by 7 percent from a year earlier to 3.3 billion riyals (USD906 million) as it reported 1.4 billion riyals in "precautionary" loan loss provisions, according to Qatar National Bank (QNB) , the biggest lender in the Gulf.
The bank further stated that the bank's amount of assets increased by 8 percent from a year earlier to 1.042 trillion riyals at the end of last month. The mentioned increase was due to a 2 percent improvement in loans advances to 721 billion riyals.
QNB's ratio of non-performing loans increased to 2.2 percent at the end of the quarter from 1.9 percent at the end of March last year.
Its loan to deposit ratio of 96.1 percent was balanced by conservative credit underwriting in the first three months, it further stated.
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