Thursday, 21 September 2023 07:56 GMT

Qatar’s banking area records robust surges in Q1

(MENAFN) Qatar’s banking area remained to register refining outcomes throughout January-March period of this year supported by solid financial regain and request post epidemic.

Banks in Qatar presented highest quarter on quarter increase of 52 percent to amount to income of 1.8bn throughout the period, as shown by Kamco Invest report.

GCC banking area net income presented one of the highest quarter on quarter raise throughout the January-March period of 2022 with a surge of 25.1 percent to reach one of the biggest three-monthly rates at USD10.9bn against USD8.7bn throughout the previous quarter. The year-on-year (y-o-y) climb was robust at 30.7 percent as well.

The report mentioned that “Qatari banks showed strongest q-o-q percentage growth of 52 percent or USD0.6bn to reach to profit of USD1.8bn during the quarter. UAE and Omani Banks were next with a growth of 27.1 percent and 25.5 percent, respectively. Profits reported by Saudi Arabian banks reached one of the highest quarterly levels of USD3.9bn as compared to USD3.3bn in Q4, 2021 and USD3.2bn in Q1, 2021.”

Adding that “Qatari banks continued to boast the highest average ROE of 12 percent at the end of Q1, 2022, flat when compared to Q4, 2021. UAE banks were next with a double-digit ROE of 11.5 percent, a 120 bps improvement as compared to the previous quarter. Saudi Arabian banks also recorded double digit average ROE of 10.9 percent, a 20 bps decline from 11.1 percent reported in Q4, 2021. The rest of the markets reported ROE in single digits with Kuwaiti Bank’s ROE at 8.9 percent followed by Bahraini and Omani banks at 8.5 percent and 6.9 percent, respectively.”


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