QATARI BANKS LEAD IN ASSET BASE GROWTH
Qatar-based banks witnessed the strongest growth in total assets – 21.6% YoY to QR794.25 billion ($218.2 billion) – followed by banks in Kuwait (13.6% YoY) in the GCC at the end of March 2014. The expansion in asset base was supported by double-digit grow
According to Kuwait-based Global Investment House, Commercial Bank of Qatar led the growth rate with 33.2% YoY followed by Doha Bank (22.4%), Kuwait-based Burgan Bank (21.8%), Qatar Islamic Bank (21.1%), and Qatar National Bank (20.6%).
While Commercial Bank of Qatar's asset
“Winning the ‘Islamic Bank of the Year 2014' award recognises the progress our bank has been making consistently. We have achieved 15% growth in the Q1 2014 compared with the corresponding period in 2013. We look forward to maintaining our leadership as the first and leading Islamic bank in Qatar by providing innovative financial products and services to our individuals and corporate clients.”
growth was propelled by its acquisition of ABank in Turkey, the Doha Bank, Burgan Bank and Qatar Islamic Bank were largely supported by their respective loan book growth. The acquisition of NSGB in Egypt was instrumental for Qatar National Bank's asset growth.
BASSEL GAMAL Group CEO, Qatar Islamic Bank