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Qatar National Bank (QNB) Group, the largest financial institution in the Middle East and Africa (MEA) region, has posted a net profit of QR6.4 billion ($1.8 billion) in the first six months of 2020. It’s a decrease of 13 percent from the same period last year, the bank said. Considering the global economic conditions, QNB Group opted to increase the loan loss provisions during the first half of 2020 by QR1.2 billion ($320 million) to protect the Group from any adverse shocks in the loan book. “This affected overall profitability for the Group. Operating Income increased by 2 percent to QR12.8 billion ($3.5 billion),” the bank said.
