An economic report showed that the profits of Gulf banks listed on the stock markets increased by 27.1 percent to reach $ 44.8 billion, exceeding pre-Corona pandemic levels.
According to Kuwait's KAMCO Invest, GCC banks' profits recorded $35.3 billion in 2021 and $24.8 billion in 2020.
The report included analysis of financial statements announced by 58 banks listed on GCC stock exchanges.
UAE-listed banks saw the biggest absolute increase of $4.1 billion and the biggest increase of 37.8 percent to $15 billion last year.
Saudi listed banks came in second, up $3.7 billion, or 28.3 percent, to $16.7 billion, the highest in the GCC.
According to the report, the growth in profits during the year was driven by an increase in total bank revenues as well as lower provisions for loan losses.
Total bank revenues increased by 16.4 percent to $104.8 billion in 2022, the highest ever, mainly driven by an increase in net interest income as well as non-interest income.
Revenue growth was broad-based across the GCC, with all countries experiencing double-digit growth.
Annual net interest income at the region's banks increased by 18.7 percent in 2022 to $71.9 billion, supported by double-digit growth in almost all markets except Bahraini banks, which recorded slightly lower growth of 9.3 percent.
The number of Gulf banks operating in the Gulf countries is about 168 banks serving about 60 million people.
Source (Anadolu Agency, Edited)
