Doha, Qatar: 8 October 2023 – PwC Middle East released its latest Qatar Banking Sector report, highlighting positive financial performance as the country’s financial institutions firm up their core banking activities with initiatives aimed at digital innovation, customer and data protection, data infrastructure establishment, and sustainability practices.
The report reveals that banks in Qatar have reported gradual growth in balance sheet and financing portfolio. Earnings metrics, including gross income, operating income, and profit before tax demonstrate growth and highlight high adaptability to the changing interest rate environment.
Banks in the country have been continuously developing their digital capabilities by prioritising customer-centric approaches and digital innovation, according to the report. Developing new digital products, embracing an open banking mindset and establishing strategic partnerships with FinTech companies, guided by complementary regulations, are all factors helping to strengthen their positions.
Furthermore, the Qatari government's emphasis on environmental impact during the FIFA World Cup 2022 has led to strategic partnerships for sustainable finance initiatives. Therefore, leading Qatari banks are also integrating environmental, social, and governance (ESG) factors into their strategies and reporting, aligning with global frameworks and supporting green financing and social inclusion.
Ahmed AlKiswani, Qatar Financial Services Sector Leader, PwC Middle East commented: “Qatar is strategically positioning itself as a leading FinTech hub in the Middle East and a pioneer in digital transformation and sustainability within the financial services sector. We remain confident that the financial sector in Qatar is well placed to adapt to a changing financial environment and continue to grow.”
In summary, the report highlights indicators of positive financial performance for banks operating in Qatar.
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