Total Assets Of Commercial Banks Rise To QR1.96 Trillion In April


(MENAFN- The Peninsula) Deepak John | The Peninsula

DOHA: The total assets of commercial banks operating in Qatar increased by 3.7 percent to QR1.96 trillion in April 2024 according to Qatar Central bank (QCB) official data released yesterday.

Qatar Central Bank posted on its X platform the key banking sector indicators recorded growth in April this year compared to last year. The key highlights from April 2024 Monthly Monetary Bulletin showed that the total assets of commercial banks saw year-on-year expansion by 3.7 percent to reach QR1.96 trillion.

The total domestic deposits also witnessed a jump by 7.3 percent on yearly basis to reach QR840.2bn in April this year. While the domestic credit in April 2024 soared 4.7 percent year-on-year to QR1.25 trillion.

QCB post further stated that the total broad money supply (M2) increased by 5.7 percent to reach QR736bn in April 2024 on year-on-year basis.

In recent years, the banking sector in Qatar has been characterised by continuous growth and stability, which has consolidated its position as a major player in the regional financial landscape.

To maintain the sustainability of this progress, the country's regulators have always actively played their part, relentlessly adapting to evolving economic conditions and international standards.

In April 2024 the total assets of commercial banks saw year-on-year expansion by 5.6 percent to reach QR1.99 trillion.

The total domestic deposits also witnessed a jump by 6.9 percent on yearly basis to reach QR841.1bn in March this year. While the domestic credit in March 2024 soared 4.9 percent year-on-year to QR1.25 trillion.

While the total broad money supply (M2) increased by 5.4 percent to reach QR742.4bn in March 2024 on year-on-year basis.

Last year, QCB unveiled the Qatar FinTech Strategy 2023, which is in line with the Qatar National Vision 2030 goal of promoting diversification and innovation in the financial sector. The QCB's financial technology vision is based on developing, diversifying and increasing the competitiveness of Qatar's financial technology and services sector through pioneering infrastructure and providing solutions that positively impact the customer experience.

Qatar's banking sector has demonstrated resilience and registered an impressive growth driven by the need to continue to support the country's future ambitions.

QCB has played a crucial role in this journey, by strengthening governance, transparency, accountability, and regulatory reform. These efforts are instrumental in fostering a healthy financial ecosystem.

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The Peninsula

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