Qatar banks record uptick in loans, deposits in September: QNBFS

Qatar banks record uptick in loans, deposits in September: QNBFS

Qatari banks’ have seen an uptick in loans in September, driven by the private sector and exceeded QR1.25tn, according to QNB Financial Services

Qatari banks’ have seen an uptick in loans in September, driven by the private sector and exceeded QR1.25tn, QNB Financial Services has said.

The local banks have also seen a surge in deposits, driven by both the private and public sectors, QNBFS said in its ‘Qatar Monthly Banking Sector’ update.

Deposits with local banks rose 2.8% during September to reach QR953.3bn, QNBFS said.

According to QNBFS, total assets of local banks went up 2.4% to reach QR1.92tn. Total assets increase in September was mainly due to a rise by 1.8% in domestic assets and 6.6% in foreign assets.

The overall loan book went up 0.8%, QNBFS said. Total private sector loans climbed up 1.7% month-on-month (m-o-m), +2.5% in 2023) in September.

The services and trade segments were the main drivers for the private sector loan rise.

Services (contributes 31% to private sector loans) gained 2.5% m-o-m (+6.4% in 2023), while general trade (contributes 21% to private sector loans) increased by 3.2% m-o-m (+5% so far this year).

Consumption and others (contributing 21% to private sector loans) went up by 1.6% m-o-m (+5.4% in 2023), with