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FinancialNews
29-03-23
KPMG Report Shows GCC Banks' Cautious Optimism Towards Economic Recovery
(MENAFN) KPMG recently published the eighth edition of its GCC listed banks' results, titled "Cautious Optimism." The report offers a thorough analysis of the financial results and key performance indicators of leading listed commercial banks in the region. The report compares the current year's results with the previous year's to highlight the main financial trends in the GCC countries. The report is aimed at helping banks navigate through pandemic-driven difficulties toward economic recovery and stability.
According to Omar Mahmood, Head of Financial Services at KPMG in the Middle East, South Asia, and Caspian Region and Partner at KPMG in Qatar, "Listed banks in the GCC region continued their post-COVID recovery with strong double-digit asset while maintaining a conservative approach to credit provisioning, tight cost control and healthy capital levels, amid a future outlook based on cautious optimism."
The report's analysis shows that Qatar had the lowest cost-to-income ratio (22.8 percent) and the highest coverage ratio on stage 3 loans (91.6 percent). Qatar National Bank, the largest bank by assets in the region at USD 327 billion, contributed significantly to these figures. The report's analysis for the year-ended 31 December 2022 for the GCC region as a whole showed the following salient findings:
Profitability saw another double-digit increase of 25.3 percent, driven particularly by a growth in loan books, increased interest margins, lower loan impairment, and a continued focus on cost efficiencies. Asset growth remained robust as banks increased their asset base by 9.9 percent, driven by lending to high-quality customers.
The report's findings suggest that GCC banks are cautiously optimistic about economic recovery and stability. The banks have adopted a conservative approach to credit provisioning, tight cost control, and healthy capital levels. The focus on cost efficiencies has helped banks maintain profitability, while lending to high-quality customers has driven robust asset growth. The report's insights can help banks navigate through the challenges of the post-COVID recovery period and continue on the path of economic stability and growth.
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