Qatar’s banking sector posted an increase in lending activity in April 2024, according to new official data.

Total domestic credit during the month reached QR 1.25 trillion ($343.4 billion), up by 4.7% compared to April 2023, the Qatar Central Bank (QCB) reported.

Total assets of commercial banks also expanded by 3.7% to QR 1.96 trillion during the same period, the banking authority reported on social media.

Also in a related report, the central bank noted that the total amount of liabilities of all commercial banks in the Gulf state stood at approximately QR 1.96 trillion as of April 2024.

The sound performance of the country’s banks is expected to continue this year, Fitch Ratings had forecast in February. The performance will be supported by hydrocarbon prices and higher interest rates.

In the first nine months of 2023, bank credit growth was muted due to large repayments and limited demand from the public sector, the ratings agency had said.

(Writing by Cleofe Maceda; editing by Seban Scaria)