Backed by strong government support and operating in an economy that recorded some of the fastest growth in the world last year and is expected to expand by up to 18% in 2010, Qatar’s banking sector is poised to begin another period of accelerated growth.

That is not to say local banks spent the past year idle. Overall, the country’s banking sector appears to have weathered the global financial crisis far better than most, posting combined profits of $2.7bn in 2009, just 0.1% down on the previous year’s result. Qatar National Bank was responsible for almost half of the $2.7bn, having made a record $1.15bn in net profits, 15% up on 2008, with three other lenders, Doha Bank, Qatar International Islamic Bank and Al Khaliji all building on their profits from 2008.[Read More]