{"id":187710,"date":"2021-02-17T13:48:09","date_gmt":"2021-02-17T13:48:09","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=187710"},"modified":"2021-02-17T13:48:13","modified_gmt":"2021-02-17T13:48:13","slug":"gulf-banks-profits","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/gulf-banks-profits\/","title":{"rendered":"Gulf banks\u2019 profits fell In 2020, credit allocations increased"},"content":{"rendered":"\n

Most Gulf leading banks\u2019 profits were affected by the Coronavirus pandemic, especially their consolidated net profits. The pandemic also caused a rise in their allocations.<\/p>\n\n\n\n

The percentage of consolidated net profits in the last nine months of 2020 decreased by 24.02%, to reach $11.7 billion, compared to $15.4 billion in 2019.<\/p>\n\n\n\n

Banks\u2019 credit allocations increased to $5.7 billion, compared to $3.5 billion in 2019.<\/p>\n\n\n\n

Qatar National Bank<\/a>, Al Rajhi Bank, First Abu Dhabi Bank, Emirates NBD, National Bank of Kuwai<\/a>t are the largest banks in the gulf.<\/p>\n\n\n\n

Gulf banks\u2019 profits<\/strong><\/h2>\n\n\n\n

The financial data of the major Gulf banks showed that the net profits of the Qatari National Bank decreased by 16%, to $3.3 billion.<\/p>\n\n\n\n

Experts previously expected the Qatar National Bank  to achieve profits of $3.2 billion and a decline of 18%, during 2020.<\/p>\n\n\n\n

Al-Rajhi Bank\u2019s net profits exceptionally rose by 4% to $2.9 billion, while First Abu Dhabi Bank\u2019s net profits fell by 16%, to $2.9 billion.<\/p>\n\n\n\n

Financial data also showed a significant decline for Emirates NBD Banks, by 52%, to $1.9 billion.<\/p>\n\n\n\n

The net profit of National Bank of Kuwait decreased by 39%, to $810 million.<\/p>\n\n\n\n

Expectations<\/strong><\/h2>\n\n\n\n

Experts previously expected First Abu Dhabi Bank (FAB) to record profits of $2.5 billion, down by 25%.<\/p>\n\n\n\n

Emirates NBD was expected to decline by 55% and earn $1.8 billion.<\/p>\n\n\n\n

Gulf banks also raised their credit allocations, during the last nine months of 2020, to $5.7 billion, compared to $3.5 billion in 2019.<\/p>\n\n\n\n

Qatar National Bank increased its provisions by 83% to $1.6 billion. Al-Rajhi Bank increased its provisions by 22% to $584 million while the First Abu Dhabi Bank to $2.2 billion, an increase of 65%.<\/p>\n\n\n\n

National Bank of Kuwait\u2019s allocations increased by 90%, to reach $640 million.<\/p>\n\n\n\n

Financial data also showed that the Qatar National Bank distributed dividends of $1.1 billion, including 45% of the capital. First Abu Dhabi Bank  distributions reached $2.2 billion, or 74% of the capital.<\/p>\n\n\n\n

Emirates NBD Bank distributed $688 million, including 40% of the capital. The National Bank of Kuwait distributed $356 million, or 20% of the capital. Al-Rajhi Bank did not announce any cash dividends.<\/p>\n","protected":false},"excerpt":{"rendered":"

Most Gulf leading banks\u2019 profits were affected by the Coronavirus pandemic, especially their consolidated net profits. The pandemic also caused a rise in their allocations. The percentage of consolidated net profits in the last nine months of 2020 decreased by 24.02%, to reach $11.7 billion, compared to $15.4 billion in 2019. Banks\u2019 credit allocations increased […]<\/p>\n","protected":false},"author":4,"featured_media":187711,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[189,278],"class_list":["post-187710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-banks","tag-featured"],"yoast_head":"\nGulf Banks\u2019 Profits Fell In 2020, Credit Allocations Increased - Bnreport<\/title>\n<meta name=\"description\" content=\"Bnreport - Business - Most Gulf leading banks\u2019 profits were affected by the Coronavirus pandemic, especially their consolidated net profits\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/gulf-banks-profits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gulf Banks\u2019 Profits Fell In 2020, Credit Allocations Increased - 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