Finance S&P Report says GCC Banks face an earnings shock: Oil and Corona culprits – AMEinfo

Finance S&P Report says GCC Banks face an earnings shock: Oil and Corona culprits – AMEinfo

The severe shock could cause irreparable damage to some parts of the non-oil economy. We also expect banks to focus more on asset-quality indicator preservation than generating new business. Conventional and Islamic banks in the Gulf Cooperation Council (GCC) countries will see significantly reduced revenue and credit growth in 2020, S&P Global Ratings said March 6 in the "GCC Banks Face An Earnings Shock From The Oil Price Drop And COVID-19 Pandemic," report published on RatingsDirect. As the situation evolves, we will update our assumptions and estimates .. Although growth rates last year were almost the same as 2018, GCC conventional banks saw faster increases than Islamic banks.. The funding profile of Islamic and conventional banks also remained stable, with total financing to total deposits of about 93% at year-end 2019..