https://arab.news/6qhcw
RIYADH: The first quarter of 2022 proved to be the best quarters for banks in the Gulf Cooperation Council as they raked in $10.9 billion in aggregate profits, a Kamco Invest report showed.
抖阴短视频, the UAE, Qatar, Bahrain, and Oman saw their banks post double-digit profit growth in the first quarter of 2022, while Kuwaiti banks鈥� profits grew slightly lower at 0.9 percent.
Kamco Invest said improved results were backed by solid economic growth, recovery in post-pandemic demand amid rising oil prices.
According to the report, banks in the region recorded a drop of 39.6 percent in cost-to-income ratio compared to the previous quarter, led by a steep drop in operating expenses.
In addition to a 21.4 percent year-on-year decline in loan loss provisions to $2.9 billion, lending activity remained robust as banks listed in 抖阴短视频 and the UAE helped push the aggregate gross loans of the region by 10 percent to $1.8 trillion.