QNB posts modest rise in Q1 profit as loan loss charge rises

DUBAI- Qatar National Bank posted a first-quarter net profit of 3.57 billion riyals ($981 million), little changed from a year earlier, despite raising loan loss provisions due to the coronavirus, the Gulf's biggest lender said on Sunday.

It said provisions rose by 272 million riyals to 972.8 million riyals, terming this "a precautionary measure" given the impact of the virus.

Loans and advances grew 13%, said QNB, which operates in more than 31 countries, including large operations in Turkey and Egypt. It serves around 25 million customers.

QNB is 50% owned by Qatar's sovereign wealth fund Qatar Investment Authority.

($1 = 3.6400 Qatar riyals)

(Reporting by Saeed Azhar; editing by John Stonestreet and Jason Neely) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))