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  • 31-03-22

    Gulf Cooperation Council registers increase in revenues of 40 percent

    (MENAFN) Based on report by investment company Kamco, the Gulf Cooperation Council’s banking sector revenues registered a 40 percent increase to reach USD35 billion during last year. Nonetheless, revenues stay under pre-pandemic records of USD37 billion in 2019.

    The increase in revenues is mostly linked to a surge in overall bank profit together with a drop in loan loss provisions. This comes as overall bank profits rise by 6.9 percent to hit an all-time high of USD90 billion in the mentioned time span.

    This is mostly because of a surge of 17.6 percent in non-interest income in addition to a slight additional increase of 2.3 percent in net interest income.

    Regarding loan loss provisions, they have plummeted by more than 25 percent to hit USD14.9 billion in last year, dropping from USD20.4 billion in the year that precedes it.

    MENAFN31032022000045013568ID1103942985

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