(Bloomberg) --
Qatar National Bank QPSC said its assets have passed the 1 trillion-riyal ($273.5 billion) mark and it set aside more money in provisions as a “precautionary measure.”
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% from the previous year.
Profitability for lenders in the Gulf remains under pressure from the coronavirus pandemic as disruptions to trade and travel continue to rattle the energy-rich region. 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.
- QNB’s 2020 net income dropped 16% to 12 billion riyals
- Estimate 12.20 billion (range 11.12 billion to 15.90 billion) (Bloomberg Consensus)
- Operating income 25.4 billion riyals; estimate 25.92 billion (range 25.29 billion to 28.60 billion)
“The bank continues to provision for Covid-19,” Citigroup Inc. analysts Rahul Bajaj and Ronit Ghose said in a research note. “While QNB has reported weak headline numbers, we do note that that the bank continues to perform strongly on a pre-provision basis.”
Other key numbers from QNB’s report:
- Operating income increased 1% from year ago despite the impact of Covid-19 and the decline in oil prices
- Dividend per share 0.45 riyals
- Cost rationalization and sustainable revenue generating sources helped QNB improve cost-to-income ratio to 24.3% from 25.9%
Últimas Noticias
Debanhi Escobar: they secured the motel where she was found lifeless in a cistern
Members of the Specialized Prosecutor's Office in Nuevo León secured the Nueva Castilla Motel as part of the investigations into the case
The oldest person in the world died at the age of 119
Kane Tanaka lived in Japan. She was born six months earlier than George Orwell, the same year that the Wright brothers first flew, and Marie Curie became the first woman to win a Nobel Prize
Macabre find in CDMX: they left a body bagged and tied in a taxi
The body was left in the back seats of the car. It was covered with black bags and tied with industrial tape
The eagles of America will face Manchester City in a duel of legends. Here are the details
The top Mexican football champion will play a match with Pep Guardiola's squad in the Lone Star Cup
Why is it good to bring dogs out to know the world when they are puppies
A so-called protection against the spread of diseases threatens the integral development of dogs
