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PwC Qatar issued its first Qatar Banking Sector Report on Monday, which looks at key trends affecting the sector and the performance of the eight listed Qatari banks.
The PwC report, based on figures released by the eight listed banks, found that the sector performed strongly, with healthy aggregated profitability while asset composition remained mostly unchanged.
According to PwC, over the past three years, Qatar’s banking industry has grown at a remarkable pace. The total loans and advances of the eight listed commercial banks, which includes financing assets, grew by 19.8 percent (CAGR of 6.20 percent) in H1 2019 compared to H1 2016.
Customer deposits, which includes equity of (unrestricted) investment account holders and customers’ current accounts of the Islamic Sharia compliant banks, grew by 22.5 percent (CAGR of 7.40 percent) between H1 2016 and H1 2019.
The aggregated profits of the listed commercial banks also increased by 17.5 percent (CAGR of 5.5 percent) in H1 2019 compared to H1 2016 driven by the increase of the aggregated net income.
Burak Zatiturk, PwC Qatar Financial Services Leader, said, “Disruptive technologies are reshaping financial services the world-over. Collaboration between traditional banks and fintechs must be a priority for the industry and will require stakeholders to develop solid infrastructure, regulations, procedures and human capital.
“The Qatar financial industry is undergoing rapid transformation, with all the stakeholders in the industry working together in synergy to ensure long-term economic prosperity.”
He added, “The Qatar financial industry has produced positive results over the quarter, as demonstrated by the interim (consolidated) reports published in H1 2019 by the 8 listed commercial banks.”
More recently, the total assets of those eight listed commercial banks, on the Qatar Stock Exchange (QSE), witnessed an increase by approximately QR44.6 billion (3 percent) over the first half of 2019. In particular, total assets reached QR1.53 trillion as at June 30, 2019, compared to QR1.49 trillion as at December 31, 2018.
The aggregated loans and advances of the eight listed banks stood at QR1.05 trillion as at June 30, 2019, increasing by 2.8 percent over the first half of 2019.
Similarly, customer deposits, equity of (unrestricted) investment account holders and customers’ current accounts, which represents the “customer deposits” balances as at June 30, 2019 witnessed an increase over the first half of 2019. The increase in customer deposits over the first half of 2019 amounted to QR44.2 billion, or 4.45 percent.
The total profit of the eight commercial banks listed on the QSE increased by 4.6 percent in H1 2019, compared to H1 2018, reaching an approximate figure of QR12.56 billion for the period-ended June 30, 2019. Furthermore, the earnings per share for H1 2019, witnessed an increase (compared to H1 2018) for most of the listed banks, as disclosed each of the respective financial statements.
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24/09/2019
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