A net profit of QR 64.2 million ($17.6 million) was recorded in 2002 compared with zero profit in 2001, and a loss of QR 100 million ($27.5 million) in 2000 due to the need to make heavy provisions against non-performing loans. Qasim said the loan portfolio is now appropriately provided against and that there will be no need to make exceptional charges in the future. In the first three months of 2003 the bank recorded net profits of QR 23 million ($6.3 million) compared with QR 11 million ($3 million) in the same period of 2002. The bank has repaid QR 30 million ($8 million) of a QR 100 million subordinated loan from the Central Bank of Qatar put in place in June 2002 to deal with a bad-loan provision shortfall.
Financial difficulties emerged in the bank in 2000 and Qasim was subsequently appointed as general manager. National Bank of Kuwaithas expressed interest in taking a strategic stake in the bank, the smallest of the four locally-registered conventional banks (MEED 7:3:03).
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