GCC listed banks’ profit surges 35.8% to $34.5b

GCC listed banks’ profit surges 35.8% to $34.5b

Kuwait topped the list with a 91.4 per cent growth in the net profits of GCC-listed banks in the country which surged to $2.9 billion from 2020’s figure of $1.52 billion

The surge in profits although remained below pre-pandemic levels of $37 billion reported in 2019 pushed aggregate return on equity (ROE) for the GCC banking sector to a seven-quarter high. — File photo

Published: Sun 5 Jun 2022, 5:34 PM

The Gulf banking sector recorded strong growth in 2021 with listed banks posting a 35.8 per cent surge in its net profit to $34.5 billion from $25.4 billion in 2020, led by the growth surge in loan book, reduction in the costs of funds, according to KPMG.

Kuwait topped the list with a 91.4 per cent growth in the net profits of GCC-listed banks in the country which surged to $2.9 billion from 2020’s figure of $1.52 billion, KPMG said in the seventh edition of its GCC listed banks’ results report titled ‘A new reality.’

The report analyses and compares the financial outcomes and key performance indicators for the leading listed commercial banks to the previous year.

According to a recent report by Kamco Invest, an investment consultancy, profitability for the GCC banking sector in