A research report issued by the Kuwaiti company "KAMCO" Invest revealed that the assets of Gulf banks during the third quarter of this year increased by 9.9 percent, reaching $2.53 trillion. While the assets of Gulf banks amounted to 2.47 trillion dollars by the end of the second quarter of 2020.
Islamic banks contributed to boosting asset growth during the third quarter, after their assets recorded a growth rate of 2.6 percent, compared to 2.1 percent for ordinary banks. According to the report, the net profit of the banking sector recorded 56.5 percent during the third quarter of this year on a quarterly basis, to $7.5 billion.
The total revenues of banks listed in the Gulf markets grew by 4.1 percent in the third quarter to $19.6 billion, compared to $18.8 billion in the second quarter of 2020. While the sector’s revenues declined by 5.8 percent on an annual basis during the third quarter of this year.
The Emirati banks recorded the only decline during the third quarter of the year, on a quarterly basis, by 1.1 percent, while Kuwaiti banks recorded the highest increase of 11.6 percent. Saudi and Qatari bank revenues increased by 6.4% and 5.8% respectively. The number of Gulf banks operating in the Gulf states is about 168, serving about 58 million people. The UAE has the largest number of banks with about 48 banks, then Saudi Arabia and Bahrain with 31 banks each, then Kuwait 22, Qatar and Oman with 18 banks each.
Source (Anadolu Agency, Edited)
