Qatar’s strong banking sector – The Peninsula Qatar

Qatar’s strong banking sector – The Peninsula Qatar

QATAR’S banking sector has successfully overcome the challenges posed by coronavirus pandemic. Qatari banks’ profitability has been resilient during the pan-demic despite lower interest rates and other difficulties created by the pandemic outbreak. The annual results announced by the banks in Qatar have confirmed the strength of local banking sector.

QNB, QIIB, Masraf Al Rayan, QIB, Commercial Bank, Doha Bank, Qatar First 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. 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 com-pared 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. QIB