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Qatar's Commercial Banks to Further Gain from Robust Credit Demand

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Qatar's Commercial Banks to Further Gain from Robust Credit Demand ASIA PLAN | Page 2 US SHIFT | Page 15 Aramco deals Germany, point to focus Japan push on downstream trade pact Tuesday, March 21, 2017 Jumada II 22, 1438 AH QUALITY OF STRATEGY: Page 16 GULF TIMES Porsche sets new record in 2016 BUSINESS fi nancial year Oil revenue more relevant for GCC despite Fed-driven rate hikes: Kamco By Santhosh V Perumal the development of oil price and oil rev- path against other major central banks. a host of measures by the Saudi Arabian $29bn of bids. Finding that Oman and first time in 2017, by 0.25% on March 15 Business Reporter enue receipts in the near term to become The US Fed alluded to liquidity conditions Monetary Authority have reined in in- Kuwait issued their bonds in 2017 on bet- to a range of 0.75%-1%, from a range of more relevant for the GCC countries until being comfortable, which drove emerging terbank rates from the fourth quarter of ter terms prior to the rate hike, it said the 0.5%-0.75%. The Fed had acknowledged diversification measures take eff ect,” market (EM) equities (+2.1%) and GCC 2016, as Saibor tightened until March 2017. GCC sovereigns are likely to further tap that economic activity has expanded at a The Gulf Cooperation Council (GCC) Kamco said in a report. equities (+1.1%) as fund flows to EMs are Oman’s government resorted to the inter- into the international market sooner than moderate pace and labour market condi- countries, except Oman, have increased Although the US dollar cooled off post expected to remain “positive”. national funding and raised $5bn through later in order to take advantage of lower tions have strengthened. their benchmark interest rate, but the the FOMC (Federal Open Market Com- “However, the focus now shifts back on their single bond issuance in 5, 10 and 30- borrowing costs. The GCC countries, barring Oman, also petrodollars and oil revenue receipts in mittee, US) meet on March 15, following oil prices and its impact on sentiment year tranches, covering 90% of its borrow- “Apart from shoring up budgetary raised rates through the same policy the near term are expected to be more the dovish stance from the US Federal towards the GCC equities, given slowing ing plan for 2017, as order books for the finances, we believe that international tools used in December 2016, given their relevant for the region than the interest Reserve, it expects fresh long positions in credit conditions and a mixed earnings issue were reportedly close to $20bn. bond sales also make GCC credit default currency pegs to the dollar. Saudi Arabia rates, according to a study. the dollar to build up again, in anticipation season,” Kamco said. Kuwait raised $8bn with $3.5bn five-year spreads now more relevant as a measure raised the reverse repo rate to 1%, while “Given the backdrop of slowing credit of more policy action and a more hawkish The GCC interbank rates rose broadly and $4.5bn 10-year sold at a yield of 2.8% of credit risk,” it said. keeping the repo rate unchanged yet growth prevalent in the GCC, with likely stance at the next FOMC meet in June, following the rate hike by the Fed and the and 3.6% respectively, even as the issue The Fed raised the funds rate for the again at 2%, after raising the reverse repo more tightening on the cards, we expect and factoring in the Fed’s rate diff erential respective central banks. Nevertheless, reportedly witnessed an equally strong second time in three months and for the rate in December 2016 to 0.75%. Qapco and Nakilat Qatar’s commercial banks recognised for digital initiatives atar Petrochemical Company (Qapco) was recog- to further gain from robust nised as among the “most digitally-innovative” Qorganisations in the Mena region during the ‘SAP Middle East and North Africa Quality Awards’. Recognising regional innovators, global digital trans- formation enabler SAP awarded four organisations as gold winners in its annual awards event. Qapco, a global leader in producing low-density poly- credit demand, says BMI ethylene, was selected as a ‘Gold Winner’ for backing the Qatar National Vision 2030’s economic diversifi cation By Pratap John goals. In partnership with IBM, Qapco digitised its opera- Chief Business Reporter tions in spend management with SAP Ariba, human re- sources with SAP SuccessFactors, and enterprise resource planning with the SAP HANA platform. ommercial banks in Qatar “will “In the highly-competitive and complex petrochem- continue to benefi t” from robust icals industry, real-time technology is providing a new Cdemand for credit over the coming level of business competitiveness and driving Qatar’s years, BMI Research has said in a new re- diversified economy. Qatar Petrochemical Company port. now has full inventory visibility and automated re- “In particular, public sector credit de- ports on manufacturing and customer questions and mand will remain strong, as the govern- insights, leading to faster decision-making and better ment looks to fi nance large-scale invest- visibility on production,” said Qapco IT manager Ah- ments into infrastructure projects linked to mad al-Hashemi. the 2022 FIFA World Cup and the National He added, “We believe that with honest commitment Vision 2030 diversifi cation programme,” and perseverance, which has been the trademark of our the Fitch Group company said. people, success is certain. Our challenge is to not only Illustrating this trend, it said net claims embrace this change unwaveringly but also to leverage its on the public sector increased by 43.8% potential to the fullest.” over the course of 2016. Moreover, global Nakilat (Qatar Gas Transport Company), the world’s hydrocarbon prices are set to rise – BMI’s largest LNG ship owner, was also recognised for its de- analysts forecast Brent crude to average ployment of the cloud-based SAP HANA platform, as well $57 for a barrel and $60 over 2017 and 2018, as SuccessFactors for human resources. respectively, compared with an average Loan growth will remain robust in Qatar over the coming years as government investment into infrastructure fuels credit demand, says “Qatar’s strong progress in digital transformation is of $45.1 in 2016 – boosting consumer and BMI. PICTURE: Nasar TK exemplifi ed by the new digital business models by Qatar business confi dence in Qatar, and in turn Petrochemical Company and Nakilat, which support di- “fuelling” private credit demand. on profi tability. Loan growth will remain The government’s decision on March fund shortfalls. These circumstances will versifi ed economic growth. Overall, BMI forecasts Qatar’s annual asset strong in Qatar over the coming years – 16 to reduce its reserve requirement from raise pressure on asset quality in the coun- “Public-private partnerships enable Middle East or- growth at 12% and 12.5% in 2017 and 2018, re- averaging a forecast 15% annually in the 4.75% to 4.5% will provide some welcome try, and it expects non-performing loans ganisations across all industries to adopt the real-time spectively; the highest level in the GCC. 2017-2021 period – as large-scale govern- breathing space for local lenders, though (NPLs) as a share of total loans to increase technology that is the foundation of digital economy The credit quality of Qatari bank assets ment investments into infrastructure and their increasing exposure to the public sec- gradually from the 1.2% level recorded by competitiveness and customer happiness,” said Frank “remains strong” at present, with non- diversifi cation programmes fuel domestic tor – where interest rates are substantially the IMF in January 2017. Forndron, head of customer offi ce, SAP Mena, and quality performing loans (NPLs) equal to only 1.2% demand for credit. lower than in the private sector – will weigh The NPL ratio will nevertheless remain management, SAP Emerging Markets. of total loans, BMI said citing an IMF report Deposits will expand at a slower pace as on profi tability, in turn strengthening the the lowest compared regionally, and over- Showing the strong potential for digital transformation, earlier this year. lower global energy prices (relative to levels case for future sector consolidation and all sector stability will persist as domestic ICT spending by Qatar’s commercial sector is set to grow According to BMI, loan growth will re- recorded before the H2, 2014 slump) con- overseas expansion. banks have continued success in raising by 47% from $1.9bn in 2015 to $2.8bn in 2019, according main robust in Qatar over the coming years, tinue to impact state earnings and hydro- Deposit growth has slowed in recent money from abroad. to a recent report by the Ministry of Transport and Com- as government investment into infrastruc- carbon sector profi tability. years as lower energy prices have impact- BMI notes that the establishment of munications. In the wider region, the Middle East cloud ture fuels credit demand. Deposits will BMI forecasts Qatar’s loan-to-deposit ed state and hydrocarbon sector earnings, the Qatar Central Bank’s “100% loan-to- infrastructure services market is set to more than triple to expand at a slower pace, as state and oil & ratio to rise from 115.5% in 2016 to 124.4% and will continue to be outpaced by asset deposit ratio target for this year is likely to $7.5bn by 2021. gas sector earnings remain constrained by in 2018. Local banks will rely on external growth – averaging 10.2% over 2017-2018. be postponed for several years”, as a strict Aligned with the Abu Dhabi Vision 2030, Abu Dhabi lower energy prices. sources to fund the shortfalls, and while the Qatari banks, BMI said will as such re- implementation at this point would result Distribution Company, with Clariba, won gold for de- Commercial banks’ increasing exposure sector remains stable, asset quality is set to main reliant on external sources – mainly in a credit squeeze, signifi cantly increasing livering real-time e-Government services to more than to the public sector will continue to weigh gradually decline.
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