Qatar Banking Assets Experience a 1.2% Rise
In a recent report by ARAB NEWS, it was revealed that Qatar’s banking assets witnessed a 1.2% monthly growth in June, reaching a total of 1.99 trillion Qatari riyals ($543.9 billion). This increase was primarily driven by domestic investments and credit within the banking sector.
Continuous Growth in Banking Sector Assets
According to QNB Financial Services, the banking sector assets in Qatar saw a 1.5% rise in 2024, compared to the figures recorded in December of the previous year. Domestic holdings increased by 0.7% month-on-month, reaching 1.62 trillion riyals in June, while foreign assets rose by 3% to 292.3 billion riyals.
Strategic Plan Driving Economic Growth
The growth in Qatar’s banking sector aligns with the nation’s strategy outlined in the Third Financial Sector Strategic Plan issued by the Qatar Central Bank in 2023. This initiative aims to develop a financial and capital market that leads the region in innovation, efficiency, and investor protection, unlocking Qatar’s full economic potential in line with the country’s 2030 National Vision.
Key Highlights of the Report
- June assets saw a significant growth compared to previous months, with a 0.8% increase in May and a 1.3% drop in April.
- Bank loans increased by 0.4% in June, totaling 1.32 trillion riyals, primarily driven by the private sector, especially within the services segment.
- Deposits in the banking sector declined slightly in June to 1.03 trillion riyals, attributed to a drop in public sector deposits but a rise in non-resident deposits.
Loan Growth and Sector Contributions
The private sector continued to drive loan growth, with the services sector contributing 32% of private sector loans. The real estate sector also saw growth, while general trade and other sectors experienced fluctuations in loan amounts.
Conclusion
Despite minor fluctuations in deposits and loans, Qatar’s banking sector remains on a path of steady growth, in alignment with the nation’s strategic economic goals and vision for the future.