Cairo – Mubasher: Qatar National Bank Al Ahli (QNB Al Ahli) reported a 7.5% year-on-year (YoY) drop in its net profits during the first quarter of 2020.

The lender achieved net profits of EGP 1.86 billion in the three-month period ended 31 March, down from EGP 2.02 billion in the corresponding period a year earlier, including minority shareholders’ rights, according to a statement to the Egyptian Exchange (EGX) on Monday.

Over the January-March period, QNB Al Ahli’s net interest income rose to EGP 3.848 billion, compared to EGP 3.213 billion in the year-ago period.

As for standalone financials, the bank’s net profits increased to EGP 1.92 billion in Q1-20 from EGP 1.91 billion in Q1-19.

For the full-year 2019, QNB Al Ahli reported net profits of EGP 8.5 billion, up from EGP 7.2 billion a year earlier, including minority shareholders’ rights.