Qatar’s listed banks saw their combined earnings grow by around 8% in 2023, according to a new KPMG report.

Total net profits of lenders in the country reached more than $7.78 billion during the year, up by 7.5% from the previous year’s $7.24 billion.

The banks also posted the lowest cost-to-income ratio of 24.6% and the highest coverage ratio for stage 3 loans of 84.2% in the Gulf Cooperation Council (GCC) region.

Total assets of listed banks in the Gulf state reached $573.2 billion, up by 3.4% from 2022.

Qatar National Bank remained the largest bank in the region in terms of assets at $338 billion.

The UAE’s First Abu Dhabi Bank (FAB) posted the second-largest assets at $318 billion, followed by Saudi National Bank, Emirates NBD and Al Rajhi Bank.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com