Qatar National Bank posts 16% drop in 2020 profit amid writedowns

Qatar National Bank QNBK.QA, the Gulf’s biggest bank by assets, posted an over 16 percent drop in annual profit, hit by $1.6 billion in additional write-downs during a year when the economy was hurt by the coronavirus outbreak.

QNB reported a net profit of 12 billion riyals ($3.30 billion) in 2020, down from 14.4 billion riyals reported in 2019, it said in a statement.