Qatar National Bank's second-quarter profit fell after it booked sharply higher loan loss provisions due to the global economic conditions, the Gulf's biggest lender said on Sunday.
FILE PHOTO: An ATM is seen outside the building of Qatar National Bank in Doha, Qatar January 16, 2018. REUTERS/Stringer
Fitch Ratings said last month that it expects Qatar’s non-hydrocarbon sector to contract by 5% this year and gross domestic product to shrink 3.8%. The second-quarter figure was lower than EFG Hermes’ forecast of 3.316 billion riyals for QNB, which operates in more than 31 countries, including large operations in Turkey and Egypt.
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