Qatari bank profits fall 15% in the third quarter, pressured by...

Mubasher – Iman Ghali: Profits of the banking sector listed on the Qatar Stock Exchange declined during the third quarter of 2020 by 15.17% on an annual basis, reflecting the continuing impact of the Corona virus on business results, despite the easing of the closure restrictions.

According to Mubasher’s statistics, the nine banks listed on the Qatar Stock Exchange recorded profits in the three months ending September 30, amounting to 5.63 billion riyals ($ 1.55 billion), compared to 6.63 billion riyals ($ 1.82 billion) in the same period of 2019..

It is noteworthy that the statistics of “Mubasher” were based on the net quarter of return on the shareholders of the parent company, without any exposure to minority rights.

The sector consists of 9 banks: Qatar National, Al Rayyan, Qatar Islamic, Al Ahli, Business Bay, Doha, Al Tejari, Qatar First, and International Islamic.

According to the announced data, the impact of the Corona virus is still evident on the results of the stock market companies as a whole and banks in particular during the third quarter, and the drop in oil prices, despite easing the restrictions of the national closure, and the launch of many initiatives to try to encourage consumption and demand.

The Qatari Prime Minister, Khalid bin Khalifa Al Thani, directed last September 5 procedures extended application To overcome the obstacles facing the private sector, in order to compensate it for the damages resulting from following the precautionary measures to limit the outbreak of the Coronavirus.

Third quarter

According to “Mubasher” statistics, pressure on the management of the quarterly profits of the sector decreased the profits of 4 banks, led by the commercial by 52.29%, followed by Al-Watani by 19.42%, Doha by 9.72%, and the bank by 0.004%.

On the other hand, profits of 4 other banks increased, led by Gulf Bank by 25.65%, then Al-Ahly by 11.36%, and International Islamic Bank by 2.08%, then the Bank by 0.59%.

NBK recorded the largest quarterly profit of 3.09 billion riyals, while Al-Khaliji achieved the lowest profit in the third quarter with 182.40 million riyals, and the first one with losses alone by 20.24 million riyals.

9 months

And at the level of the first nine months of 2020, the profits of the banking sector decreased by 10.60% at 16.89 billion riyals, compared to 18.89 billion riyals in the same period in 2019.

The profits of 4 banks, led by Altari, decreased by 21.74%, while the profits of 4 other banks, led by the Gulf, increased by 9.29%.

NBK won the largest profit, as usual, with 9.49 billion riyals, while Al-Ahly recorded the lowest profit with 500.78 million riyals, and the first with losses amounted to 227.90 million riyals.

The assets of Qatar’s banks

Regarding the assets of the 9 banks listed on the Qatar Stock Exchange, they amounted to 1.689 trillion riyals at the end of the previous September, compared to 1.573 trillion riyals in the same period last year.

NBK registered the largest assets, not only at the sector level, but at the stock exchange level, at 987.32 billion riyals, while the lowest assets were in Qatar First Bank, amounting to 2.63 billion riyals.

Financial services

The statistic revealed an increase in the profits of the four financial services companies during the third quarter of 2020 by 18.37% at 7.63 million riyals, compared to 6.45 million riyals in the same quarter of 2019.

It is noteworthy that the four stocks of the sector are: Enmaa Holding, National Leasing Holding, Qatar and Oman Investment, and Dlala Brokerage and Investment Holding.

In the first nine months of this year, the sector recorded profits of 23.15 million riyals, a growth of 117.09% over its level in the same period last year of 10.66 million riyals.

Regarding the sector’s assets, they reached at the end of September 2020 about 2.44 billion riyals, compared to 2.06 billion riyals in the same period of 2019, with an annual growth of 18.39%.

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