The profits of banks listed on the financial markets in the Gulf countries increased during the third quarter of 2022, by 19 percent on an annual basis, amid improved revenues.
According to data of banks listed on the Gulf stock markets, the net profit of the region's banks rose to a new record high of $11.4 billion in the third quarter, compared to $9.6 billion in the same quarter of the previous year. On a quarterly basis, bank profits rose by 2.7 percent in the third quarter, compared to $11.1 billion in the second quarter of this year.
At the level of each country separately, Bahraini and Kuwaiti banks recorded a decrease in net profit for the third quarter of the year 2022 by 54.3% and 5.3 percent, respectively. The rest of the countries reported profits on a quarterly basis. The net profit of Saudi banks witnessed the highest growth rate on a quarterly basis, with a growth of 9.1 percent to reach $4.4 billion.
Total assets reached a new record high of $2.9 trillion in the third quarter after rising 1.2 percent on a quarterly basis. The number of Gulf banks operating in the Gulf states is about 168, serving about 60 million people. The UAE has the largest number of banks with about 48 banks, followed by Saudi Arabia and Bahrain with 31 banks each, then Kuwait 22, Qatar and Oman 18 banks each.
Source (Anadolu Agency, edited)
