Despite the Blockade, This Qatari Bank Tops GCC Peers With $243 Billion in Assets

Published August 27th, 2019 - 08:35 GMT
Assets of banks operating in the GCC increased by 9.13 percent year-on-year during the first half of 2019.
Assets of banks operating in the GCC increased by 9.13 percent year-on-year during the first half of 2019.
Highlights
For the first six months of 2019, QNB’s net profit increased 4 percent compared to the same period in the previous year.

Qatar National Bank (QNB) continues to hold the biggest share in total assets of listed GCC banks at the end of the second half (H1) of 2019, a leading financial website has said.

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According to an estimate by financial website Mubasher, QNB has been ranked first among the GCC nations with total assets rising 5 percent to a record high of $243.43 billion at the end of second half of this financial year.

Share of QNB’s asset is the biggest in total assets of listed GCC banks that reached $2.19 trillion in H1, 2019, compared to $2.01 trillion in H1, 2018, as per the Mubasher statistics.
One of the leading banks in the Middle East, Africa, and Southeast Asia (MEASEA) region, QNB also registered the second highest profit of $2.02 billion among the GCC banks in the first half of 2019, it said. 

For the first six months of 2019, QNB’s net profit increased 4 percent compared to the same period in the previous year.

Overall assets of Qatar-based banks increased by $17.62 billion to $421.3 billion at the end of first half of 2019, against $403.68 billion by the end of June 2018.
As for Qatari banks’ assets, they represented 19.2 percent of the total assets of banks across the GCC region.

Assets of banks operating in the GCC increased by 9.13 percent year-on-year during the first half of 2019.

The UAE banks topped the GCC’s peers in terms of assets acquiring 32.5% of the total, followed by Saudi Arabia with 28.35 percent.

While Qatar has the third largest share, Kuwait ranked fourth place acquiring 13.8 percent of total assets, recording $302.73 billion by the end of June. Moreover, assets of banks operating in Oman and Bahrain levelled up to $76.4 billion and $57 billion.

A total of 61 listed banks in the GCC reported an 8.5 percent year-on-year profit hike during the first six months of 2019, recording $18.54 billion.

Emirates NBD topped profitable banks in the GCC in H1-19, registering $2.04 billion in profits, followed by QNB and First Abu Dhabi Bank (FAB) with $2.02 billion and $1.72 billion profits, respectively.

A total of nine listed Qatari banks reported $3.36 billion profit from January to the end of June, while profits of 10 Kuwait banks amounted to $1.61 billion. Qatar had recorded the biggest asset growth during the first quarter of 2019 at 2.4 percent. 

According to Kamco Research, economic growth in the GCC is expected to marginally improve in the near term. It believes that this should drive banking sector earnings especially from higher credit requirements from the private sector for both long-term projects as in the case of 2022 Fifa World Cup in Qatar and Expo 2020 in the UAE.


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