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QNB posts QR12 bn net profit

QNB posts QR12 bn net profit

Tribune News Network
Doha
Qatar National Bank (QNB), the largest financial institution in the Middle East and Africa (MEA) region, registered annual net profit of QR12 billion ($3.3 billion) for 2020. However, the net profit decreased by 16 percent as compared to the previous year.
The bank’s operating income increased by 1 percent compared to last year despite the impact of COVID-19 and the decline in oil prices.
This reflects QNB Group’s success in maintaining growth across the range of revenue sources, the bank said in a statement.
Considering the long-term financial impacts of COVID-19, QNB Group decided to set aside an additional QR5.8 billion in respect of loan loss provisions as a precautionary measure, which affected the net profit for the year.
For the first time in the history of the region, QNB became the first banking institution to record total assets of QR1 trillion, representing an increase of 9 percent from last year. QNB’s disciplined approach towards the execution of its long-term strategy enabled the Group to achieve the QR1 trillion total asset milestone after 56 years of successful operation since its inception.