Key facts
- Qatar National Bank reported its largest quarterly loan write-offs since at least 2018.
- The total loan write-offs in the second quarter amounted to 6.6 billion riyals.
- The second-quarter write-offs are equivalent to $1.8 billion.
- The write-off amount represents a significant increase from the first quarter.
- The second-quarter write-offs surpassed the previous quarterly record for the bank.
Qatar National Bank (QNB) has announced its second-quarter financial results, revealing the largest quarterly loan write-offs recorded by the institution since at least 2018. The bank wrote off a total of 6.6 billion riyals, equivalent to approximately $1.8 billion, during the second quarter. This figure marks a significant escalation compared to the loan write-offs observed in the first quarter of the year. The scale of these write-offs surpasses any previous quarterly record for QNB, indicating a notable deterioration in the quality of its loan book during the April to June period. The substantial increase suggests that the bank is facing increased credit risk or is adopting a more aggressive approach to provisioning for non-performing loans. Further details on the specific sectors or types of loans contributing to this record write-off amount were not immediately provided in the initial report.