Commercial Banks' Assets Total QR2.05 Trillion, Domestic Credit At QR1.28 Trillion In Dec 2024

Doha: The total assets of commercial banks operating in Qatar increased by 3.9 percent to QR2.05 trillion in December 2024.

In a post on its X platform yesterday, Qatar Central bank (QCB) revealed the key banking sector indicators registering growth in December of last year.

The key highlights from the monthly monetary bulletin showed that the total assets of commercial banks witnessed year-on-year growth by 3.9 percent to reach QR2.05 trillion.

The official data revealed that there was also a surge of 2.4 percent in the total domestic deposits on yearly basis to reach QR826.7bn in December last year.

While the domestic credit in the same month soared by 4.2 percent year-on-year to QR1.28 trillion.

QCB post further stated that the total broad money supply (M2) decreased by 0.6 percent to reach QR718.2bn in December 2024 on a year-on-year basis.

The Third National Development Strategy (NDS-3) for 2024-30 prioritises financial services in Qatar's future development and diversification.

The sector is embracing digitalisation, financial technology (fintech) adoption, and a host of new banking methods and services.

The total assets of commercial banks operating in Qatar increased by 4.3 percent to QR2 trillion in November 2024.

Meanwhile in November last year the key highlights from the monthly monetary bulletin showed that the total assets of commercial banks witnessed year-on-year expansion by 4.3 percent to reach QR2 trillion.

There was also a surge of 5.6 percent in the total domestic deposits on yearly basis to reach QR843.8bn in November last year.

Also the domestic credit in November 2024 soared by 6.9 percent year-on-year to QR1.3 trillion and the total broad money supply (M2) increased by 2.5 percent to reach QR735.5bn in November 2024 on a year-on-year basis.

The banking industry in Qatar is also at the forefront of embracing Environmental, Social, and Governance (ESG) principles.

Qatari banks are key players in driving sustainable development and social responsibility.

By issuing green bonds and loans, they are not only prioritising financial gains but also focusing on benefiting the environment.

With a sharp focus on sustainability, financial institutions are launching green bonds, eco-friendly loans, and social responsibility initiatives, reflecting their dedication to sustainable investment and environmental conservation.

Consistent with this vision, QCB itself has published a series of long-term strategies with the release of the Third Financial Sector Strategic Plan.

This plan for the sector aligns with and complements the broader goals of the (NDS-3).

The Third Financial Sector Strategic Plan prioritises banking as one of its four strategic pillars, alongside insurance, capital markets and the digital ecosystem.

Three growth areas have been selected for banks: tailored finance, specialised advisory services, and digital banking and payment services.

At the same time, the plan sets foundational targets of enhanced regulatory measures and efficiency, developing talent and capabilities for the sector.

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