Overview Of Top Banks in Qatar
Qatar banking system is quite small in terms volume of a market as compared to other countries but it’s growing at a fast pace. The banking system in Qatar is controlled by Qatar central bank. Recently international rating agencies and Qatar Stock Exchange has expressed financial stability of bank due to their liquid level strong and earning solid. Qatar banking sector has seen 3.5% growth during July 2018 which shows that economic activities in the country are increasing.
Total assets of commercial banks rise 4% in September 2018 which is QR1.4tn as per central bank figures. Recently Moody’s upgraded Qatar banking sector outlook to stable from negative and rating agency noted that banking sector profitability will remain stable. Most of the banks are increasingly confident in the financial stability of the banking system in the country. The only challenge for Qatar banking sectors is ever going foreign exposure. Qatar central bank is the bank of government and monetary authority of Qatar’s banking and financial system. Banks play an important role in supporting economic development by providing loans and financial support to companies involved in Qatari projects. Qatar banking sectors are brighter for the year 2019 as the country’s economy has overcome all the obstacles.
List of Top 10 Banks in Qatar
Here is a list of the top 10 Banks in Qatar which are as follows:
1. Qatar National Bank
QNB is the first Qatari owned commercials bank established in 1964. It is the biggest bank and the largest financial institutions in the Middle East and Africa region. For the year 2018 net profit posted by a bank is QAR 13.8 billion which is 5% up as compared to the previous year during the same period. Total assets of the bank as of December 2018 were QAR 862 billion which is 6% up as compared to the previous year during the same period. A total number of employees working in QNB are 29,000 band bank operates through more through 1,100 branches and 4,400 ATMs. QNB provide services like investment banking, brokerage services, multi-market, multi trading platform, etc. QNB present to more than 31 countries through its subsidiaries and associated companies across three continents.
2. Doha Bank
Doha Bank is one of the largest commercial bank founded in 1979. Bank provides domestic and international banking services through four business group Wholesale banking, Retail banking, International banking, and Treasury and investment to its individuals, commercial, corporate and institutional clients. Doha Bank received many awards in recognition of its achievement. Doha Bank recently awarded as Bank of the Year Qatar domestic trade finance by Asian banking and finance. Doha Bank has reported a net profit of QAR 470.7 million during the first half of 2018 which is 34.3% lower than the previous year during the same period. Doha Bank has 27 domestic branches, 8 e-branches, and around 100 ATMs. A total asset with the bank till Q3 2018 was QAR 90,367 million and net profit after tax in Q3 2018 was QAR 737 Million.
3. Commercial Bank
Commercial Bank plays an important role in Qatar’s economic development as it offers personal, business, government, international and investment services. Bank was established in 1975 as Qatar first private bank. It is the second largest commercial bank in the country by total assets and market capitalizations. Group reported a net profit of QAR 1663.2 Million during 2018 which is 175.5% higher than the previous year during the same period. The total asset with a bank as of December 2018 is QAR 135.1 billion which is decreased by 2.4%. The bank received an Award from the Global finance as best bank.
4. Qatar International Islamic Bank
QIIB is a privately owned Islamic Bank in Qatar founded in 1991 which offers personal and corporate Islamic banking solutions. The bank is regulated by Qatar Central Bank in it’s highly rated for financial strength and outlook by international rating agencies. Bank recorded a net profit of QAR 882.1 million during 2018 with a growth rate of 6% as compared to 2017. Total assets as of December 2018 were QAR 50.3 billion. QIIB operates through three segments corporate banking, Personal banking, and Treasury and investment.
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5. Qatar Islamic Bank
Qatar Islamic Bank is the first Islamic Bank in Qatar founded in 1982 and stills its largest Islamic banking institutions in Qatar. It contributes 42.3% in the Islamic banking sector of the country and 11% in the total market. At the end of 2018, the bank has total assets of QAR 153.2 billion. QIB conducts its operation through a modern branch network and ATMs present throughout Qatar. Bank operates through corporate banking, personal banking, group function, and local and international subsidiaries. QIB recognized through two awards during 2018 by new age banking ‘‘Best Islamic Bank in Qatar” and “Excellence in Mobile Banking”.
6. Al Ahli Bank
The bank was founded in 1983 and it offers a full range of products and services through corporate banking, Retail and Private Banking, International banking, Treasury and investment, and brokerage services. Bank reported a net profit of QAR 665.6 Million for the year ended 2018 which is 4.04% higher than in 2017. A total asset with the bank at year end 2018 was QAR 40.4 billion which is slightly higher than the previous year. In 2018 bank won the award as Best Bank in Assets Quality at New age banking summit. The bank operates through a network of 14 branches.
7. Al Khaliji commercial bank
It is Qatar next generation bank that offers a full range of conventional banking products and services to its premium, business, corporate and international customers in Qatar, UAE, and France. Bank reported a net profit of QAR 608 million during 2018 and bank outlook updated from negative to stable during 2018. The profit of the bank is 10.5% higher than the previous year and the Total asset with the bank is QAR 52,103 Million.
8. Qatar Development Bank
Bank provides financial services for small and medium-size industrial, educational, health, agricultural and tourist projects in Qatar and it also offers long and medium terms loans for industrial projects. The bank was founded in 1997 to promote and encourage economic and industrial development in the country. Previously bank was known as Qatar industrial development bank. Currently, around 270 employees work in the bank. Bank increased its capital from QAR 200 Million to QAR 12 billion by shifting its focus from purely industrial financing mandate to being a fully fledged development bank.
9. Barwa Bank
Barwa Bank is the newest Islamic bank which is regulated by the Qatar central bank. Bank provides a full range of shari’a-compliant banking services which includes retail banking, commercial banking, business banking, private banking, real estate finance and so on. The banks have capital of QAR 3 billion. First, the quarter bank reported a net profit of QAR 208.7 Million which is 15% higher than the year 2017 during the same period and the group achieved a return on Equity is 11.7%. It is one of the youngest Islamic banks among all other Islamic banks.
10. HSBC Bank Middle East
HSBC is one of the largest banking and financial service organizations. HSBC started its business in Qatar in 1954 and played an important role in countries economic development. It offers business, Corporate, and commercial banking services. HSBC is the oldest foreign bank and it is a subsidiary of HSBC Holding PLC. Bank also offers services like wealth management and offshore banking. Bank operates through 3 branches and one head office and near about 12 ATMs branches. HSBC debit card gives access to over 800,000 ATMs worldwide.
This has been a guide to Top Banks in Qatar. Here we have discussed the top 10 banks in Qatar with their financial structure. You may also look at the following articles to learn more –