Business | Banking
Qatar banking sector outlook positive - Citibank
Citibank said the overall outlook of the Qatari banking sector looked positive as the sector was emerging as a key beneficiary of the country's strong economic growth.
- Reuters
- Published: 00:38 March 29, 2008
Bangalore: Citibank said the overall outlook of the Qatari banking sector looked positive as the sector was emerging as a key beneficiary of the country's strong economic growth.
"The banking sector is benefiting from the economic boom with all banks showing robust volume growth trends, strong fee income growth, and low loan loss provisioning," analyst Simon Nellis said in a note to clients.
Nellis said the aggressive expansion plans of the top-tier local corporates such as Qatar Airways, Qatar Gas and Qatar Petroleum were likely to fuel economic growth.
The analyst also said benefits from the government in the form of various allowances and grants allow Qatari nationals to maintain higher levels of disposable income, creating a niche client base for retail and private banking.
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