An economic report by Kuwait's KAMCO Invest showed that the profits of Gulf banks listed on the stock markets rose by 22.3 percent to $ 13.7 billion, at a new record high.
Gulf banks' profits recorded $11.2 billion in the second quarter of 2022. Profit growth was supported by higher net interest income and non-interest income. Provisions for loan losses fell from $3 billion to $2.7 billion, boosting net profit in the second quarter of 2023.
The report included an analysis of the financial statements announced by 58 banks listed on the GCC stock exchanges, for the second quarter of 2023. The report includes the aggregation of individual bank statements at the level of each individual country.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
