Qatar banks post more than 17% jump in deposit mobilisation to QR794.28bn

Faster expansion in domestic deposits largely mitigated the weakening overseas inflows, helping Doha's banking sector register a healthy more than 17% growth in total deposit mobilisation to QR794.28bn, according to the Qatar Central Bank figures.

Domestic deposits, which constituted 83% of the total deposits, expanded more than 24% year-on-year to QR656.58bn, while overseas deposits, whose share was 17%, declined about 8% to QR137.7bn in October this year.The government and services sectors' faster expansion in deposits helped boot the robust pace of domestic deposits in October this year.Deposits from the government soared about 62% year-on-year to QR92.85bn; services by more than 54% to QR284.46bn and those from the industrials by about 10% to QR25.87bn.Government deposits comprise Ministry of Finance deposits of QR24.64bn and others QR68.21bn; while services deposits included QR200.68bn from general services and QR83.79bn from financial services.The largest component within the deposits of the financial services sector was investment companies whose deposits were to the tune of QR52.9bn, followed by finance companies (QR17.61bn), others (QR5.78bn), insurance (QR5.64bn), exchange houses (QR0.87bn, investment funds (QR0.75bn) and brokerage houses (QR0.22bn).Of the QR25.87bn deposits from the industrials sector, as much as QR10.17bn came from heavy industries, QR6.97bn from oil, QR5.13bn from industrial manufacturing and QR3.6bn from natural gas.Deposits from contractors witnessed about 4% year-on-year growth to QR12.97bn and trading by about 3% to QR41.33bn in October this year.Personal deposits grew 2% year-on-year to QR157.3bn, of which those from Qataris amounted to QR125.81bn and those from non-Qatari were QR31.49bn.However, deposits from the real estate sector declined about 22% year-on-year to QR6.94bn in October 2017. Deposits from real estate developers amounted to QR4.7bn and those from commercial real estate companies QR2.23bn.Deposits from other sectors and activities were at QR34.87bn, which showed about 24% decline year-on-year in October this year.Of the QR137.7bn deposits from outside Qatar, as much as QR110.74bn came from services, QR12.08bn from other non-specified sectors, QR6.82bn from government, QR5.47bn from trading, QR1.73bn from industry and QR0.78bn from personal.