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Commercial banking > Qatar National Bank raised provisions and remains on alert



By Bloomberg

Wed 12 Jan 2022Wed 12 Jan 2022
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FBLNTWMAILLN LN


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Posted inCommercial banking, Banking & Finance, Qatar


QATAR NATIONAL BANK RAISED PROVISIONS AND REMAINS ON ALERT

Many banks in the Gulf are seeing higher profits on the back of improvements in
trade and tourism as regional economies recover from the pandemic

By BloombergWed 12 Jan 2022Wed 12 Jan 2022
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FBLNTWMAILLN LN

Qatar National Bank QPSC braced for credit losses by boosting the amount of
money set aside in provisions and signaled caution over the main international
markets where it has a presence.



The Middle East’s biggest bank booked 7.1 billion riyals ($1.9 billion) in
loan-loss provisions during 2021, up 21 percent from the previous year,
according to a statement on Tuesday. Total assets rose about 7 percent to 1.1
trillion riyals.

The Doha-based bank said it “remains cautious on the external environment with
respect to potential risks that may arise from key markets where QNB Group
operates.”




Many banks in the Gulf are seeing higher profits on the back of improvements in
trade and tourism as regional economies recover from the pandemic. Qatar’s
outlook for 2022 has also brightened thanks to higher energy prices and the
possible boon to business from the soccer World Cup. 

Beyond Qatar, QNB has operations stretching from Turkey, Egypt and India to
France. Turkey, where the Qatari bank owns QNB Finansbank, made up 9.6 percent
of its loans in September, down from 10.4 percent in 2020, according to
Bloomberg Intelligence.

Turkey has seen its currency weaken to historic lows throughout December, fueled
by fears that President Recep Tayyip Erdogan’s push for lower interest rates
would stoke inflation. Turkish authorities have since unrolled a series of
measures to support the lira.



“While the headline results missed our expectations, we note that this is almost
entirely driven by higher” loan-loss provisions, Citigroup Inc. analyst Rahul
Bajaj said in a research note. Much of the increase in the charges appears “to
be used for building provision coverage.” 


 * QNB’s 2021 net income rose to 13.2 billion riyals from 12 billion riyals a
   year ago
   * Estimate 13.45 billion (range 13.05 billion to 13.94 billion) (Bloomberg
     Consensus – 3 estimates)
 * Operating income 28.3 billion riyals; estimate 27.33 billion (range 26.57
   billion to 27.84 billion)
 * Dividend per share 0.55 riyals
 * Coverage ratio increased to 117 percent from 107 percent



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Tagged: banking business, banking services, financial institutions, financial
outlook, GCC banking sector, qatar national bank


ABDUL RAWUF

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