Total assets of Qatar’s banks surge 5.8 percent to $541 billion in February

According to Qatar Central Bank (QCB), the total assets of Qatar’s commercial banks saw a 5.8 percent increase to QAR1.97 trillion ($541 billion) in February 2024. This expansion was accompanied by increases in other significant metrics, indicating a healthy performance of the banking sector.

Qatar’s February 2024 monthly monetary bulletin revealed that, in addition to the expansion of commercial banks’ total assets, total domestic deposits saw a 9.2 percent annual increase to QAR845.8 billion in February. Meanwhile, domestic credit saw a 5.8 percent annual increase to QAR1.26 trillion. Qatar’s total broad money supply (M2) also expanded by 6.5 percent year-on-year, reaching QAR747.5 billion in February 2024.

Qatar’s banking sector

In a report, KPMG stated that Qatar National Bank maintained its position as the largest bank in the GCC region in terms of assets in 2023, with assets valued at $338 billion. Moreover, Qatar demonstrated impressive financial metrics, including the lowest cost-to-income ratio at 24.6 percent and the highest coverage ratio for stage 3 loans at 84.2 percent.

Source: Middle East Economy