The Banking Executive Magazine - August 2024 Issue

Qatar’s Banking Sector Qatar’s Banking Sector ASSETS RISE 1.2% MONTH-ON-MONTH TO $549BLN IN JUNE: QNBFS Qatar’s banking sector assets rose 1.2% month-on-month (m-o-m) and (1.5% so far in 2024) to QR1.999tn in June, mainly due to the increase in both domestic credit and domes- tic investments, according to QNB Financial Services (QNBFS). Total assets were up 1.5% in 2024, compared to a growth of 3.4% in 2023. Assets grew by an average 6.8% over the past five years (2019- 2023), QNBFS said in its ‘Qatar monthly key banking indicators’. Liquid assets to total assets moved higher to 30.7% in June, compared to 30.1% in May this year. Bank loans moved up by 0.4% dur- ing June to reach QR1,324.8bn. The loans increase in June was mainly due to gains (by 0.7%) in the private sector, particularly in the services segment. Loans increased by 2.9% in 2024, compared to a growth of 2.5% in 2023, while loans grew by an aver- age 6.5% over the past five years (2019-2023). Loan provisions to gross loans was at 4.1% in June, compared to 3.9% in May. Deposits edged marginally down during June to QR1,031.8bn due to a drop by 2.4% in public sector de- posits, even as non-resident deposits surged by 4.3% in June. Deposits increased 4.6% in 2024, compared to a decline by 1.3% in 2023. Deposits grew by an average 4.1% over the past five years (2019- 2023). the BANKING EXECUTIVE 40 ISSUE 188 AUGUST 2024