By Satish Kanady
DOHA: The collective credit facilities offered by Qatar-based banks during the month of October surged 16.45 percent or QR102bn on year-on-year. The banks’ credit facilities jumped to QR722bn during the month from QR620bn recorded a year ago. On month-on-month, the combined credit rose by QR13bn, Qatar Central bank’s (QCB) latest data suggested.
The banks’ credit to public sector jumped QR56bn on month-on-month, but credit to industrial sector is mute on month-on-month. However, the combined loans disbursed to the construction sector rose to QR38bn from the previous month’s QR37bn, and to QR28bn recorded a year ago. Credit to the real estate sector rose to QR115.9bn in October 2015, compared to QR90bn recorded during the same month in 2014.
Loans to general trade sector increased to QR54bn, up from QR45bn in October 2014. The contracting sector availed a collective loan of QR38bn, QR10bn up from the same month in the previous year. According to QCB data, loans to the Services sector also increased to QR68bn in October from QR57bn recorded during the same month in the previous year.
The banks’ credit to outside Qatar jumped to QR81bn in October, up QR21bn from a year ago and an increase of QR6bn from the previous month.
Total domestic credit increased 14.5 percent to QR640bn, from QR559bn recorded in October 2014. Credit to private sector rose by 23.5 percent or QR78bn to touch QR412bn in October.
Public sector credit declined to QR228bn in October, from QR226bn in October 2014, but a QR5bn increase on month-on-month basis. The credits to the government sector rose to QR65bn during the month, from QR57bn a year ago.
Domestic investments stood at QR140bn, down from QR142bn from the previous month and up from QR129bn a year ago.
Commercial banks’ combined assets climbed to QR1.07 trillion from QR1.06 trillion posted in September and QR967bn recorded a year ago .
On the banks’ deposits, the QCB data showed private sector deposit is marginally up to QR346bn, from QR344bn in September 2015 and QR310bn a year ago. Private sector deposit .
Qatari banking system’s overall domestic credit was up 32.4 percent to QR587bn. Domestic assets surged 30.1 percent or QR102bn to QR443bn.QCB’s foreign assets declined 14.3 percent in October.
In its third quarter (Q3, 15) GCC banking report, Global Research noted Qatar-based banks witnessed the strongest growth in total assets of GCC banks under its coverage. The combined assets of three major banks in Qatar grew 11 percent in Q3, 15 on year-on-year, followed by banks in UAE(7.5 percent), Saudi Arabia (6.5 percent) and Kuwait (4.5 percent). The total assets of 20 big GCC banks, covered by the Gulf Research, expanded 7.9 percent year-on-year.
The Peninsula
