Of the total assets, more than 66% was credit portfolio that amounted to QR940.43bn, which witnessed more than 3% growth year-on-year in December 2018, said the Qatar Central Bank figures.
Much of the credit went to the private sector, which accounted for about 63% of the total or QR588.54bn in December last year. Credit to the private sector grew about 11% on a yearly basis.
The higher growth in credit to the private sector shows the resiliency in the overall economy outside the hydrocarbons even amidst the economic blockade and despite the increasing cost of credit, market sources said.
There are certain bright spots within the non-hydrocarbons sector that ought to excel in the light of fast expansion in infrastructure projects as a run up to 2022 FIFA World Cup, they said, adding Qatar’s decision to enhance the production of liquefied natural gas will also have its indirect effect on the non-oil sectors.
At the World Economic Forum in Davos, HE Minister of Commerce and Industry, Ali bin Ahmed al-Kuwari said Qatar has worked on balancing its strategies to promote sustainable development, long before the blockade was imposed, by embracing integrated policies to successfully increase the contribution of the non-hydrocarbon sector to gross domestic product (GDP) in line with the National Vision 2030.
Credit to the public sector stood at QR336.78bn, or about 36% of the total credit in December 2018. Credit to the public sector witnessed more than 6% decline rear-on-year.
Of the QR1.42tn assets, as much as QR1.18tn, or more than 83%, was domestic assets and the remaining QR0.23tn, or 17%, was overseas in December 2018.
Of the QR940.43bn total credit, domestic credit was QR859.9bn, or 91% of the total; whereas overseas credit amounted to QR80.53bn, or 9%.
The second largest component within the commercial banks' assets is securities portfolio, which stood at QR177.45bn, or about 13% of the total in the review period. The securities portfolio had however seen more than 9% decline on a yearly basis.
Of the total QR177.2bn securities portfolio, conventional debt amounted to QR108.91bn and sukuk at QR64.22bn, which showed about 9% contraction respectively year-on-year in December 2018.
The claims on banks stood at QR145.97bn in December 2018 compared to QR126.13bn in the corresponding period of the previous year.
The claims on central bank amounted to QR66.32bn with required reserves at QR36.04bn in December 2018 against QR45.49bn and QR35.95bn respectively in the same period of 2017.
The investments in subsidiaries and associates amounted to QR46.06bn in December 2018 compared to QR46.12bn in the previous year period.