The PwC report in Qatar showed that the combined assets of the eight listed commercial banks subject to the supervision of the Qatar Central Bank grew by 7.3% to reach 1.74 trillion Qatari riyals, compared to the fiscal year 2019. While the total consolidated loans grew by 7.0%, reaching 1.20 trillion riyals.
The report highlighted the resilience shown by the banks in Qatar over the past year; and revealed that the financial sector in Qatar showed high resilience throughout 2020, supported by enabling regulations and central bank policies.
It also indicated that the banking sector is still in a position of strength and readiness to benefit from new technologies and a diverse base of investors, in order to continue to play a catalytic role for development and economic growth.
The report noted that the eight commercial banks listed on the Qatar Stock Exchange were able, through a unified approach, to overcome the headwinds of the economy in general, and the flexibility they showed throughout 2020, where the overall results were characterized by the growth of assets.
The report disclosed the strengthening of cooperation between the public and private sectors, in addition to seeking to diversify sources of revenue and attract new investors. It also noted the role played by the Qatar Central Bank in maintaining a strong banking system in the country, as the measures taken by the bank reduced economic volatility significantly, and laid the foundation for recovery after the outbreak of the epidemic throughout the private sector.
Source (Al-Raya Newspaper-Qatar, Edited)
