Updated July 29, 2023
Overview of Top Banks in Qatar
Qatar banking system is quite small in terms of market volume compared to other countries, but it’s growing quickly. Qatar’s central bank controls the banking system in Qatar. Recently international rating agencies and Qatar Stock Exchange have expressed the bank’s financial stability due to its strong liquid level and solid earnings. Qatar’s 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, QR1.4tn as per central bank figures. Recently Moody upgraded Qatar’s banking sector outlook to stable from negative, and the 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’s banking sectors is ever going foreign exposure. Qatar’s central bank is the bank of government and monetary authority of Qatar’s banking and financial system. Banks play an essential role in supporting economic development by providing loans and financial support to companies involved in Qatari projects. Qatar’s banking sectors are brighter for 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 financial institution in the Middle East and Africa region. For the year 2018, the net profit posted by the bank is QAR 13.8 billion, which is 5% up compared to the previous year during the same period. The bank’s total assets as of December 2018 were QAR 862 billion, which is 6% up compared to the last year during the same period. The total number of employees working in QNB is 29,000. Band bank operates through more than 1,100 branches and 4,400 ATMs. QNB provides investment banking, brokerage services, multi-market, multi-trading platform, etc. QNB presents 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 banks founded in 1979. Bank provides domestic and international banking services through four business groups Wholesale banking, Retail banking, International banking, and Treasury and investment to its individual, commercial, corporate and institutional clients. Doha Bank received many awards in recognition of its achievement. Doha Bank was recently awarded bank of the Year Qatar domestic trade finance by Asian Banking and Finance. In the first half of 2018, Doha Bank recorded a net profit of QAR 470.7 million, a decrease of 34.3% from the same time in 2017. Doha Bank has 27 domestic branches, 8 e-branches, and around 100 ATMs. The total asset with the bank till Q3 2018 was QAR 90,367 million, and the net profit after tax in Q3 2018 was QAR 737 Million.
3. Commercial Bank
Commercial Bank is important in Qatar’s economic development as it offers personal, business, government, international and investment services. Bank was established in 1975 as Qatar’s 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 in 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 decreased by 2.4%. The bank received an Award from Global Finance as the best bank.
4. Qatar International Islamic Bank
QIIB, founded in 1991, is a privately owned Islamic bank in Qatar. It specializes in providing personal and corporate Islamic banking solutions. The bank is regulated by Qatar Central Bank in its highly rated financial strength and outlook by international rating agencies. Bank recorded a net profit of QAR 882.1 million in 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.
5. Qatar Islamic Bank
Qatar Islamic Bank, established in 1982, is the first Islamic bank in Qatar. It continues to be the largest Islamic banking institution in the country. It contributes 42.3% to the Islamic banking sector of the country and 11% to the total market. At the end of 2018, the bank has total assets of QAR 153.2 billion. QIB operates through a modern branch network and ATMs throughout Qatar. Bank operates through corporate banking, personal banking, group function, and local and international subsidiaries. New Age Banking awarded QIB two accolades in 2018, naming it “Best Islamic Bank in Qatar” and recognizing its “Excellence in Mobile Banking.”
6. Al Ahli Bank
QIB founded the bank in 1983 and offers a comprehensive range of products and services across various sectors, including 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, slightly higher than the previous year. In 2018, the bank won the Best Bank in Assets Quality award at the 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 bank’s profit 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-sized 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 a purely industrial financing mandate to being a fully-fledged development bank.
9. Barwa Bank
The Qatar central bank regulates Barwa Bank, the newest Islamic bank. bank provides a full range of shari’a-compliant banking services, including retail banking, commercial banking, business banking, private banking, real estate finance, etc. The banks have a 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. In 1954, HSBC established a presence in Qatar and contributed significantly to that nation’s economic growth. It offers business, Corporate, and commercial banking services. HSBC is the oldest foreign bank and a subsidiary of HSBC Holding PLC. Bank also offers wealth management and offshore banking services. Bank operates through 3 branches and one head office near 12 ATM branches. HSBC debit card gives access to over 800,000 ATMs worldwide.
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This has been a guide to 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 –
