Qatar's Banks Demonstrate Growth in 1999
Despite a steep decline in oil prices in late 1998 and early 1999, the
majority of banks in Qatar demonstrated steady growth and improved profitability in 1999, according to an analysis of the banks' performance
conducted by Emad El Zubi, the Financial Controller of the Doha Bank.
Four local banks, two Islamic banks and eight foreign banks, were operational in Qatar at the end of 1999, Gulf Times reported.
According to the analysis, total assets of commercial and Islamic banks in
Qatar expanded by 12.1 percent in 1999 to QR47.062 billion, from QR41.948
billion in 1998. Total assets of local banks, including Islamic banks stood
at QR40.499 billion, comprising approximately 86 percent of the market share.
The market share of the Qatar National Bank (QNB) in terms of assets stood
at 47.50 percent, followed by Doha Bank (DB) at 10.76 percent, the Commercial Bank of Qatar (QNB) at 9.86 percent and Qatar Islamic Bank (QIB) at 8.46 percent.
Total loans and advances hit QR29.121 billion in 1999, compared to 29.891
billion in the previous year.
Total net profit before taxation was QR962 million, compared to QR908 million in 1998, constituting growth of 5.93 percent. The net profit of local banks was QR785 million, corresponding to 82 percent of the market share. (QR3.64=$1).
© 2000 Mena Report (www.menareport.com)
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