QATAR’S banking sector has successfully overcome the challenges posed by coronavirus pandemic. Qatari banks’ profitability has been resilient during the pan-demic despite lower interest rates and other difficulties created by the pandemic outbreak. The annual results announced by the banks in Qatar have confirmed the strength of local banking sector.
QNB, QIIB, Masraf Al Rayan, QIB, Commercial Bank, Doha Bank, Qatar First Bank and Ahli Bank have posted healthy growth in net profit during last year. The banks witnessed robust growth in main indicators such as loans and advances to customers, net interest income, customer deposits and revenue. QNB, the largest financial institution in the Middle East and Africa region, yesterday announced net profit of QR13.2bn ($3.6bn) for the year ended December 31, 2021, which was an increase of 10 percent com-pared to last year. Similarly, QIIB reported a net profit of QR1.003bn for 2021, which represented an overall growth of 7 percent compared to the previous year.
QIIB’s total revenues rose to QR2.45bn by the end of the year, total assets reached QR61.8bn and total deposits at QR38.4bn, with a growth rate of 6.3 percent.
Masraf Al Rayan reported a net profit of QR1.718bn for the year ended December 31, 2021. QIB achieved net profit attributable to shareholders of QR3.555bn for the fiscal year 2021 compared to QR3.065bn for the year 2020, marking an increase by 16 percent over last year. Likewise, Commercial Bank reported a net profit of QR2.304bn for 2021, an increase of 77.1 percent.
Ahli Bank announced a net profit of QR713m for 2021. Doha Bank posted a net profit of QR704m for the year 2021.Qatar government’s fiscal and monetary response to the pandemic has helped to limit the impact on the banks’ financial profiles. Qatari banks have also ben-efitted from the strength of local economy. Qatar’s economy has weathered the impact of COVID-19 chal-lenges very well and it is poised to grow at a healthy rate this year.
Several global organisations expect Qatar’s economy to grow by more than 2 percent in 2021 according to the latest Qatar Economic Outlook Report 2021-2023. The consensus forecasts by a number of interna-tional institutions, organizations, and banks showed that the Qatari economy will undergo recovery during 2021 and 2022, with a predicted average growth rate of about 2.8 percent and 3.7 percent, respectively.
The optimism by global organisations about Qatar demonstrates the strength and resilience of the local economy
