Doha: The total assets of commercial banks operating in Qatar increased by 5.5 percent to QR2 trillion in September 2024 according to official data released by Qatar Central Bank (QCB),
yesterday.

QCB posted on its X platform, the key banking sector indicators recorded growth in September this year compared to last year.

The key highlights from September 2024 Monthly Monetary Bulletin showed that the total assets of commercial banks witnessed year-on-year expansion by 5.5 percent to reach QR2 trillion.

There was also a surge of 9.3 percent in the total domestic deposits on yearly basis to reach QR847.6bn in September this year.

While the domestic credit in September 2024 soared by 7 percent year-on-year to QR1.3 trillion.

QCB post further stated that the total broad money supply (M2) increased by 5 percent to reach QR737.4bn in September 2024 on a year-on-year basis.

The banking sector is undergoing a transformative shift, adapting to global economic trends and embracing technological advancements.

This evolution is marked by a commitment to risk management, FinTech innovation, and international standards, positioning the sector for sustained growth and stability.

The total assets of commercial banks operating in Qatar increased by 6.8 percent to QR2 trillion in August 2024.

It also saw a surge of 11.9 percent in the total domestic deposits on yearly basis to reach QR839.8bn in August this year. While the domestic credit in August 2024 soared by 7.4 percent year-on-year to QR1.3 trillion.

The total broad money supply (M2) increased by 6.7 percent to reach QR730.9bn in August 2024 on year-on-year basis.

Qatar has been following the Qatar National Vision 2030 (QNV) long-term development plan, which outlines the objective of economic diversification, with financial services – including banking – playing a pivotal role in this endeavour.

Consistent with this vision, the QCB itself has published a series of long-term strategies with the release of the Third Financial Sector Strategic Plan.

This plan for the sector aligns with and complements the broader goals of the (NDS-3).

The NDS-3 outlines seven strategic national objectives for the coming period, ranging from sustainable economic growth, to quality of life and societal cohesion.

The achievement of sustainable economic growth hinges on diversifying away from hydrocarbons, with a number of clusters proposed for this purpose.

These clusters are further categorised into growth, enabling, resilience and future clusters, with financial services seen as one of three enabling factors.

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