Qatar banking sector assets reach QR1.975 trillion in May
The Peninsula
Doha, Qatar: Qatar banking sector total assets increased by 0.8% month on month (MoM) (0.3% in 2024) in May 2024 to reach QR1.975 trillion. The bankin...
Doha, Qatar: Qatar banking sector total assets increased by 0.8% month-on-month (MoM) (0.3% in 2024) in May 2024 to reach QR1.975 trillion. The banking sector loan book went up by 0.7% MoM (up 2.5% in 2024), while deposits moved up by 0.7% MoM (up 4.7% in 2024) in the month of May 2024, QNB Financial Services (QNBFS), has said in its monthly banking sector update.
The Services segment in the Private Sector mainly pushed the overall credit higher. As deposits also increased in May, the LDR stood at to 127.9%, similar to that in April 2024. The overall loan book went up 0.7% in May 2024, driven mainly by Private Sector loans. Total Private Sector loans gained 0.7% MoM (+1.1% in 2024) during the month of May 2024.
The Services sector was the main driver for the private sector loan rise in May 2024. Services (contributes ~32% to private sector loans) increased 2.5% MoM (2.4% in 2024), while General Trade (contributes ~22% to private sector loans) went up 0.8% MoM (+2.7% in 2024). However, Consumption & Others (contributes ~20% to private sector loans) declined 0.8% MoM (-2.6% in 2024) and the Real Estate segment (contributes ~20% to private sector loans) was marginally lower by 0.1% MoM (+3.3% in 2024) in May 2024.
The total Public Sector loans moved higher by 0.5% MoM (+3.8% in 2024) in May 2024. The government segment (represents ~29% of public sector loans) was the main driver for the public sector with a gain by 1.2% MoM (+6.0% in 2024), while the government institutions’ segment (represents ~65% of public sector loans) moved up by 0.3% MoM (+4.1% in 2024). However, the semi-government institutions segment closed lower by 0.8% MoM (-10.0% in 2024) in May 2024.
Outside Qatar loans went up by 1.4% MoM (+15.0% in 2024) in May 2024. Non-resident deposits pushed overall deposits higher with a rise by 2.3% MoM (+5.5% in 2024) in May 2024.
