DOHA: Qatar National Bank, the largest lender in the Middle East, said Sunday its net profits for the second quarter sank over the impact of the coronavirus pandemic. QNB net profit in the second quarter plunged 25.8 percent to 2.84 billion riyals ($780 million) compared to $1.05 billion in the same period a year ago, the bank said in a statement. The first quarter net profit of QNB, which has operations in 31 countries including Turkey, Indonesia and India, dropped only slightly.
Its net income in the first six months of the year also dipped 13.6 percent to $1.76 billion from $2.04 billion a year ago, it said. The bank said it increased the loan loss provisions by $320 million in the first half to safeguard itself from any adverse shocks from the pandemic, thus affecting its profitability.
Total assets rose 10 percent to $267 billion on June 30, making it the largest lender in the Middle East and North Africa in terms of assets. —AFP