QNB ALAHLI third-quarter net profit down 19.7%
QNB ALAHLI, the Egyptian unit of Qatar National Bank, reported a 19.7 percent fall in its third quarter net profit.
The bank made a net profit of 1.797 billion Egyptian pounds ($114.4 million) in the three months ending September 30, compared to 2.239 billion pounds in the prior-year period, it said in a bourse filling.
Profit in the nine months ending in September also fell 12.6 percent to 5.642 billion pounds, compared to 6.456 billion pounds in the period-year period.
The bank’s assets rose roughly 7 percent to 291.5 billion pounds in January-September compared with 273 million pounds for the first nine months of 2019.
Total deposits also grew 12 percent year-on-year to 232.8 billion pounds at the end of September.
The parent bank, Qatar National Bank – the Gulf’s largest lender – reported a roughly 18 percent decline in its third-quarter profit as it booked more loan loss provisions driven by global economic uncertainty.
“Due to the current global economic headwinds, QNB Group set aside additional loan loss provisions amounting to QAR 1.9 billion to protect the group from any adverse shocks in the loan book,” the Qatari bank said in a statement, explaining that this had an impact on overall profitability.
