Banks record impressive growth in assets

November 22, 2020

At the time when COVID-19 pandemic has stalled pace of growth of global banking sector, Qatari banks have managed to expand their assets. The banks in Qatar have grown their assets even during these trying times by adopting prudent risk management policies.

QNB Group, QIB, QIIB, Al Khalij Commercial Bank (al khaliji), Ahli Bank, and Qatar First Bank have achieved growth in their assets during the third quarter of this year. Banks have managed to achieve growth despite challenged posed by COVID-19 pandemic, which has slowed down the growth of global economy.

Total assets of QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, has increased to QR986bn ($271bn) by the end of September 30, 2020, witnessing an increase of 8 percent compared to the corresponding period last year.

Qatar Islamic Bank’s (QIB) total assets stood at QR170bn the end of third quarter of this year, registering year-on-year growth of 9.8 percent compared to September 2019, helped by continued growth in the financing and investment activities. QIB is the largest Islamic bank in Qatar by total assets and the second largest bank in the country by total assets, financing assets and net profit.

Similarly, QIIB’s total assets reached QR59.34bn at the end of third Qatar of this year, registering year-on-year growth of 4.4 percent. QIIB is the third largest Listed Islamic bank in Qatar by total assets and accounts for approximately 17.2 percent of listed Qatar’s Islamic banks’ assets.

Likewise, total assets of Ahli Bank reached QR48.3bn at the end of September this year, showing year-on year rise of 15 percent.

al khaliji also maintained a growing trend as its total assets rose to QR55.3bn at the end of third quarter of this year, compared QR51.14bn at the end of third quarter of 2019, showing a rise of around 8 percent.

Total assets of Qatar First Bank reached QR2.6bn at the end of September this year, from QR2.55bn at the end of June 2020, showing a rise of 3.4 percent.

Overall, the entire banking sector has maintained decent growth in the past few months. According to Qatar Central Bank (QCB) data, the total domestic credit by banks in Qatar has risen by QR5.53bn to reach QR1.03 trillion in September this year while total customer deposits of the commercial banks increased to QR879.88bn at the end of September this year.

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