Banks post impressive growth last year – The Peninsula Qatar

Banks post impressive growth last year – The Peninsula Qatar

Doha: Qatari banks have delivered impressive results in 2021 despite challenging situation created by COVID-19 outbreak. QNB, QIIB, Masraf Al Rayan, QIB, Commercial Bank, Doha Bank and Ahli Bank have posted healthy growth in net profit during last year. The banks witnessed robust growth in main indicators such as loans and advances to customers, net interest income, customer deposits and revenue.

Banks’ strong growth during last year was driven by improvement in economic condition. Helped by Qatar’s robust vaccination programme and significant strengthening of energy prices, the economic activities in the country rose significantly last year.

QNB, the largest financial institution in the Middle East and Africa region, yesterday announced net profit of QR13.2bn ($3.6bn) for the year ended December 31, 2021, which was an increase of 10 percent compared to last year. Similarly, QIIB reported a net profit of QR1.003bn for 2021, which represented an overall growth of 7 percent compared to the previous year. QIIB’s total revenues rose to QR2.45bn by the end of the year, total assets reached QR61.8bn and total deposits at QR38.4bn, with a growth rate of 6.3 percent.

Masraf Al Rayan reported a net profit of QR1.718bn for the year ended December 31, 2021. For Masraf Al