Total Qatar bank assets reach QR1.98tn in March, pushed higher by rise in foreign assets: QNBFS

Total Qatar bank assets reach QR1.98tn in March, pushed higher by rise in foreign assets: QNBFS

Qatari banking sector's total assets went up by 0.8% m-o-m (up 0.9% in 2024) in March to reach QR1.98tn, pushed higher by increase in foreign assets, QNB Financial Services (QNBFS) has said in a report.The total assets growth in March was mainly due to a rise by 3.4% in foreign assets. Total assets were up by 0.9% so far this year in 2024, compared to a growth of 3.4% in 2023.Assets grew by an average 6.8% over the past five years (2019-2023), QNBFS said.Liquid assets to total assets went up to 31.2% in March, compared to 30.6% in February.The banking sector's loans edged down by 0.2% during March to QR1,310.1bn; the slide was mainly due to a drop by 1.3% in the public sector.Loans increased by 1.7% in 2024, compared to a growth of 2.5% in 2023; loans grew by an average 6.5% over the past five years (2019-2023)Loan provisions to gross loans was at 3.9% in March and at 3.8% in February, QNBFS said.Deposits moved up by 0.2% during March to reach QR1,031.0bn and the gain was mainly due to an increase by 3.9% in non-resident deposits.Deposits went up by 4.6% in 2024, compared to a decline by 1.3%