Total assets of commercial banks in Qatar increased by 1.2% during November 2024 to reach QR2.031tn, QNB Financial Services (QNBFS) has said in a report.The total assets rise in November was mainly due to an increase by 4.9% in foreign assets and 0.6% in domestic assets, QNBFS said in its latest ‘Qatar Monthly Key Banking Indicators’.Total assets were up by 3.1% in 2024, compared to a growth of 3.4% in 2023. Assets grew by an average 6.8% over the past five years (2019-2023), the report said.Liquid assets to total assets moved up to 29.8% in November 2024, compared to 29.3% in October 2024.According to QNBFS, loans disbursed by commercial banks in the country went up by 0.3% during November 2024 to reach QR1,364.9bn.The loans increase in November 2024 was mainly due to a gain by 0.9% in the private sector.Credit facilities went up by 6% in 2024, compared to a growth of 2.5% in 2023. Loans grew by an average 6.5% over the past five years (2019-2023), QNBFS said.Loan provisions to gross loans stood at 4.2% both in October and November 2024.The overall loan book went up (by 0.3%) in November 2024, pushed up mainly by private sector loans. Total private sector loans moved up by 0.9% m-o-m (+4.8% in 2024) in November.Real estate and consumption and others segment was the main growth drivers for the private sector loans in November.The real estate segment (contributes 21% to private sector loans) increased by 1.8% m-o-m (+10.5% in 2024), while consumption and others (contributes 20% to private sector loans) rose by 1.2% m-o-m (+0.4% in 2024), with services (contributes 32% to private sector loans) going up by 0.6% m-o-m (+4.9% in 2024) and general trade (contributes 22% to private sector loans) gaining 0.6% m-o-m (+5.9% in 2024) in November 2024.Deposits gained by 0.4% during November to reach QR1,042.1bn. Thedeposits rise was mainly due to gains by 1.4% in non-resident deposits and 0.4% in private sector deposits.Deposits increased 5.7% in 2024, compared to a decline of 1.3% in 2023. Deposits grew by an average 4.1% over the past five years (2019-2023), the report showed.Non-resident deposits increased by 1.4% m-o-m (+10.8% in 2024) during November 2024. Non-resident Deposits as a percentage of total deposits moved up to 19.0% as in November, compared to 18.2% as at year-end 2023.“Hence, this indicates that banks are still relying on external funding,” QNBFS noted.Private sector deposits moved up by 0.4% m-o-m (+2.2% in 2024) in November. Public sector deposits pushed lower by 0.2% m-o-m (+7.8% in 2024) in November last year.QNBFS noted the “net interbank position” remained “negative” at QR313bn as in November 2024.An analyst told Gulf Times: “The key highlight for November 2024 is the surge in total assets by QR23.7bn or 1.2% during that month to reach QR2.031tn. Total assets rise was mainly catapulted by an increase by 10.1% in due from banks, mainly foreign and also domestic. The gains in the overall loan book came from the private sector, largely from a pickup in the real estate segment and personal retail segment.”