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QNB Alahli records EGP 7.5B profit in 2020

QNB Alahli records EGP 7.5B profit in 2020

ArabFinance: Qatar National Bank Alahli (QNB Alahli) achieved a consolidated net profit of EGP 7.49 billion during 2020, according to a January 13th disclosure.

The result marked a Year on Year (YoY) decline of 12%, compared with EGP 8.52 billion in 2019.

As for the 2020 standalone income statement, QNB Alahli posted an 11% YoY decrease in net profit to EGP 7.39 billion from EGP 8.32 billion.

Local banks have been barred from distributing dividends for 2020, upon a decision by the Central Bank of Egypt (CBE).

QNB Alahli is expected to be less affected by the CBE’s decision when compared to other banks like Crédit Agricole Egypt, according to AF Securities.

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