June saw a 1.2 percent monthly expansion in Qatar’s banking assets, which totaled 1.99 trillion Qatari riyals ($546.4 billion), largely due to an increase in domestic investments and loans.
In contrast to the 1.96 trillion riyals reported in December 2023, QNB Financial Services reports that this expansion contributed to a 1.5 percent increase in banking sector assets in 2024.
While foreign assets surged by 3% to 292.3 billion riyals in June, domestic holdings increased by 0.7 percent month over month to 1.62 trillion riyals.
June asset growth was higher than May’s 0.8 percent monthly increase and significantly higher than April’s 1.3 percent decline.
According to QNBFS’s research, assets have increased at an average annual pace of 6.8% throughout the last five years.
The expansion of the banking industry is in line with the national plan delineated in the Third Financial Sector Strategic Plan, which was released by the Central Bank of Qatar in 2023.
The goal of this program is to create a financial and capital market that is the most innovative, efficient, and investor-protected in the area. It puts Qatar in a position to realize its full economic potential and is consistent with the 2030 National Vision’s overarching goals.
Through the integration of cutting-edge financial technologies and processes, the strategic plan aims to strengthen financial stability and foster sustainable economic development, ultimately solidifying Qatar’s position as a major financial hub in the region.
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