Qatar’s banks show remarkable agility despite global challenges in 2023: KPMG

Qatar’s banks show remarkable agility despite global challenges in 2023: KPMG

Omar Mahmoud, partner and head (Financial Services) at KPMG in Qatar.

Qatar's banks have showcased remarkable agility despite challenges such as surging interest rates, margin pressures, geopolitical uncertainties, and a complex credit environment, KPMG said in a report on Sunday.Steered by effective cost management, embracing digital transformation, and an unwavering risk-centric approach, banks have not just endured but thrived, preserving robust profitability levels, it said.In its 'Qatar Banking Perspectives–2023’ report, KPMG noted the past year has been one of rapid transformation for Qatar's banking sector.“We have witnessed the introduction of a range of regulatory enablers designed to facilitate the entry of new digital fintech players and support traditional incumbents in their shift to digital channels. Despite challenges such as rising interest rates, margin pressures, geo-political uncertainty, and a complex credit environment, Qatar's banks have demonstrated remarkable agility,” noted Omar Mahmoud, partner and head (Financial Services) at KPMG in Qatar.“By managing costs effectively, embracing digital transformation, and maintaining a risk-focused approach, banks have succeeded in preserving robust profitability levels.“The Qatar Central Bank has also played a crucial role in this journey, by strengthening governance, transparency, accountability, and regulatory reform. These efforts are instrumental in fostering a healthy financial ecosystem,” Mahmoud