{"id":222451,"date":"2022-03-30T23:00:47","date_gmt":"2022-03-30T23:00:47","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=222451"},"modified":"2022-03-31T08:03:22","modified_gmt":"2022-03-31T08:03:22","slug":"gulf-banking-sector","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/gulf-banking-sector\/","title":{"rendered":"Kamco Invest: Gulf banking sector&#8217;s profitability increased by 40% in 2021"},"content":{"rendered":"<p style=\"text-align: justify\"><strong>Riyadh, (Business News Report)|| <\/strong>The profits of the Gulf banking sector jumped by 40% during the past year 2021, to reach $35 billion, compared to $25 billion in the year 2020, a report by <a href=\"https:\/\/www.google.com\/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwiK1YjSuO72AhWDsKQKHVtOBU4QFnoECAYQAQ&amp;url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fkamco-invest&amp;usg=AOvVaw116_59tfAFiIb6PeSRqfMB\">Kamco Invest<\/a> said.<\/p>\n<p style=\"text-align: justify\">Despite the noticeable rise, the profitability of Gulf banking sector remained below pre-pandemic levels of $37 billion in 2019.<\/p>\n<p style=\"text-align: justify\">Kamco Invest explained that the increase was wide-ranging on an annual basis during the year 2021 across the Gulf Cooperation Council countries, as the profits of Kuwaiti banks nearly doubled during the year to reach $2.9 billion.<\/p>\n<p style=\"text-align: justify\">The listed Saudi and UAE banks also recorded a good growth in profits by 40.2% and 52.6% during the year 2021.<\/p>\n<p style=\"text-align: justify\">As a result, the total return on equity for the banking sector reached its highest level in seven quarterly periods, at 10.4% at the end of 2021, compared to 9.6% in the third quarter of 2021 and 8.1% at the end of 2020.<\/p>\n<p style=\"text-align: justify\">Profit growth during the year was driven by an increase in gross profit in addition to a decrease in loan loss provisions.<\/p>\n<p style=\"text-align: justify\">Total bank revenues increased by 6.9% to reach $90.0 billion during the year 2021, which is among the highest rates ever, mainly due to the growth of non-interest net income by 17.6% and the growth of net interest income by a relatively lower rate of 2.3%.<\/p>\n<p style=\"text-align: justify\">Revenue growth was broad across the GCC, with Qatari banks reporting the highest growth rate of 9.9%, followed by the UAE and Kuwait with growth of 9% and 7.1%, respectively.<\/p>\n<p style=\"text-align: justify\">Listed banks in the UAE recorded the largest growth in non-interest income by 31.7%, but it was the only market that witnessed a decrease in interest income during the year by 3.2%.<\/p>\n<p style=\"text-align: justify\">Provisions for loan losses announced by Gulf Cooperation Council banks decreased by more than a quarter in 2021, to reach $14.9 billion, compared to $20.4 billion in 2020.<\/p>\n<p style=\"text-align: justify\">According to Kamco, the allocations remained high compared to pre-pandemic levels, reaching an average of $9.1 billion during the ten years preceding the pandemic (2010-2019).<\/p>\n<p style=\"text-align: justify\">The decrease in provisions for loan losses in the year 2021 included all the countries of the Gulf Cooperation Council except for Qatar, which recorded a growth of 20.1%, or the equivalent of $0.6 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Riyadh, (Business News Report)|| The profits of the Gulf banking sector jumped by 40% during the past year 2021, to reach $35 billion, compared to $25 billion in the year 2020, a report by Kamco Invest said. Despite the noticeable rise, the profitability of Gulf banking sector remained below pre-pandemic levels of $37 billion in [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":222452,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[189,278,1044],"class_list":["post-222451","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-banks","tag-featured","tag-gulf"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Kamco Invest: Gulf banking sector&#039;s profitability increased by 40% in 2021<\/title>\n<meta name=\"description\" content=\"BNReport| The profits of the Gulf banking sector jumped by 40% during the past year 2021, to reach $35 billion,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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