The data issued by the Qatari Central Bank showed that the profits of banks listed on the Qatar Stock Exchange decreased by 12.2 percent to 21.3 billion riyals ($5.9 billion), in light of the continuing repercussions of the Coronavirus and the decline in oil prices, which affected the rise in allocations in the banking sector.
The banking sector led the growth and the profits, as banks accounted for 66 percent of the profits of companies listed on the stock exchange achieved during the past year. Qatar National Bank, the largest bank in the country, acquired the largest share of 56.3 percent of total bank profits, to 12 billion riyals ($3.33 billion).
4 banks recorded profits, while 4 others retreated, while "Qatar First" recorded the only loss in the sector, as its losses amounted to 226 million riyals ($62.7 million), a 24 percent decline from the previous year's losses of 298.4 million riyals.
The assets of commercial banks in Qatar increased during 2020 by 7.23 percent year-on-year, to 1.74 trillion riyals ($482.8 billion). There are 19 banks operating in the Qatari market, including 7 local commercial banks, in addition to five other Islamic banks, while there are seven foreign branches.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
