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  • 14-12-22

    Boston Consulting estimates KSA’s banking income growth to outshine GCC nations

    (MENAFN) Banking income expansion in Saudi Arabia is prepared to outshine others in the area as high expenditure in the environmental alteration trigger incomes, as shown by the Boston Consulting Group.

    Specialists by the US-located company estimates the nation’s retail banking incomes to surge at a Compound Annual Growth Rate of 11.4 percent among the years from 2021 up to 2026 — a surge from 8.7 percent from 2016 to 2021.

    This is bigger than the Gulf Cooperation Council nations— the UAE, Saudi Arabia, Kuwait, Bahrain, as well as Qatar — as a whole, which are estimate to experience an 8.8 percent CAGR during the same time span to 2026.

    “Saudi Arabia has deployed hugely ambitious projects under Vision 2030. Acting as facilitators, instigators and key actors of change for the nation will be retail banks,” as stated by Martin Blechta, principal at BCG.

    He also stated that “ESG in banking is very much a credit portfolio review and there is a significant first mover’s advantage – whereby, banks that start this activity ahead of competitors have more choice to prioritize the right clients.

    Adding, “As they consider a redirected future, retail banks must adapt to changing consumer preferences and utilize digital tools and technology to craft solutions that will fulfill customers’ needs in new and sustainable ways while advancing the overall ESG agenda.”

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