Qatar banking assets grow 10.9% to QR1.3tn in July: QNB

2017-09-18 01:53:24

(MENAFN- Gulf Times) Bank assets in Qatar grew 10.9% year-on-year (y-o-y) in July to QR1.3tn, compared to a growth of 11.6% in June, a new report has shown.

Domestic assets grew 10.3% y-o-y in July from 12.4% in the previous month, according to QNB.
Foreign assets of local banks grew 9.5% in July, from 11% in the previous month, QNB said in its latest ‘Qatar Monthly Monitor'.
Bank deposits growth rose by 12.8% y-o-y in July compared to 12.7% in June, it said. Public sector deposit growth accelerated to 37.1% compared to 21.4% in June.
Non-resident deposits slowed to 13.8% in July from 26.6% growth the previous month. Private sector deposits declined by 1.1% compared to 2.4% in June, QNB said.
Loan growth of Qatari lenders was 11.5% y-o-y in July, down from 11.9% in June. Loans to the public sector (around 40% of total domestic credit) grew 19% versus 19.6% growth the previous month.
Private sector loans grew by 5.9% from 6.4%, while foreign credit grew by 10.5% from 11.1%, QNB said.
Overnight interbank rates rose to 1.77% in June from 1.29% in May; the 3-month inter-bank rate fell to 2.1% from 2.25% while the 1-year interbank rate stayed flat at 2.5%.
The Qatar Central Bank (QCB) had raised its deposit rate by 25 basis points (0.25%) to 1.5% after the US Federal Reserve hiked rates in March, but kept the lending and repo rates unchanged.
Broad money supply (M2) grew by 8.3% year on year in July compared to 7.8% in June. Broad money grew by 0.2% month-on-month in July compared to 2.2% in June, the report showed.
Broad money generally includes demand deposits at commercial banks, and any money held in easily accessible accounts.
According to QNB, Qatar's real estate price index picked up slightly during the second quarter (Q2), but the index still fell by 5.5% year on year in June from a decline of 9.6% in March.
The real estate price index reflects the prices of land, residential and commercial transactions in the country.
QNB report also showed Qatar's population fell to 2.45mn in August from 2.47mn the previous month, although it increased by 1.9% on a year-on-year basis.
The male and female populations rose by 0.3% and 7.2% year-on-year, respectively. Women made up 23.3% of the population, QNB said.

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