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.
¶¶Òõ¶ÌÊÓƵ, the UAE, Qatar, Bahrain, and Oman saw their banks post double-digit profit growth in the first quarter of 2022, while Kuwaiti banks’ 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 ¶¶Òõ¶ÌÊÓƵ and the UAE helped push the aggregate gross loans of the region by 10 percent to $1.8 trillion.
