Pickup in loans for services segment indicates rising demand in Qatar’s tourism, hotel segments: QNBFS

Pickup in loans for services segment indicates rising demand in Qatar’s tourism, hotel segments: QNBFS

Pickup in loans for the services segment by 3% (QR7.1bn) is among the highlights of ‘Qatar Monthly Banking Sector update’ for March by QNB Financial Services (QNBFS).

Qatar banking sector’s total assets increased 1% during March to reach QR1.862tn.

Loans went up 0.6% during the month to reach QR1.25tn. Deposits grew by 1.8% during March to reach QR967.5bn, QNBFS said Tuesday.

“The highlight for the month of March is the pickup in loans for the services segment by 3.0% (QR7.1bn), which indicates good demand in restaurants and hotels and pickup in the tourism sector,” an analyst told Gulf Times.

The total assets rise in March was mainly due to an increase by 7.7% in foreign assets, QNBFS noted.

Total assets have declined by 1.3% in 2023, compared to a growth of 4.2% in 2022. Assets grew by an average 6.9% over the past five years (2018-2022)

Liquid assets to total assets was at 30.4% in March, compared to 30.3% in February.

The loans gain in March was mainly due to an increase both in the private (0.7%) and public (0.6%) sectors, QNBFS said.

Loans have marginally gone down by 0.1% in 2023, compared to a growth of 3.3% in 2022. Loans grew by an average 6.7% over the