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Qatar’s bank lending hits $266bn in February

Qatar’s bank lending hits $266bn in February
Total loans provided in the gas-rich nation amounted to QAR 966.52 billion in February

Mubasher: Loans provided by commercial banks operating in Qatar posted a 3.64% year-on-year growth in February, according to the monthly monetary bulletin released by the Qatar Central Bank (QCB).

Total loans provided in the gas-rich nation amounted to QAR 966.52 billion ($265.51 billion) last month, compared to QAR 932.56 billion ($256.18 billion) in the same month a year earlier.

The annual growth in loans was supported by an 11.37% increase in credit facilities offered to the private sector which rose to QAR 595.39 billion, against QAR 534.59 billion in February 2018.

On the other hand, loans provided to the public sector dropped 5.62%, logging QAR 356.10 billion in the second month of 2019, versus QAR 377.29 billion in the corresponding month a year earlier.

Loans provided to non-bank financial institutions plunged 27.29% to QAR 15.03 billion in February, compared to QAR 20.67 billion in the same month in 2018.

Month-on-month, loans rose 1.77%, from QAR 949.67 billion in January.

It is noteworthy that assets of banks operating in Qatar rose 2.2% year-on-year to QAR 1.41 trillion in February, compared to QAR 1.38 trillion.