In the second quarter of 2024, profits from lending activities at Gulf Cooperation Council banks hit a record $21.5 billion, up 7.6 percent from the same period the previous year, according to a recent report.
According to the most recent GCC Banking Sector report from Kamco Invest, the area saw a 0.91 percent increase in net interest income on a quarterly basis, recovering from a decline in the first quarter due to growth in four of the six GCC countries.
With a 6.3 percent increase in net interest income to $2.5 billion, Kuwaiti banks led this growth. After a 2.5 percent increase, Saudi financial institutions reached $7.3 billion. Additionally, banks in the UAE and Oman witnessed increases, rising 1.5% and 2.3%, respectively.
On the other hand, compared to the first quarter of 2024, net interest income for Qatari financial institutions decreased by 4.3 percent to $3.3 billion.
With a credit yield of 4.3 percent on average, the quarter saw one of the highest total interest revenues at $52.2 billion. This fits the pattern that has been seen for the previous four quarters. The total improvement in net interest income was attributed, according to the report, to a very moderate increase in interest expenses, which increased from $29.3 billion in the first quarter to $30.7 billion in the second.
Also Read:
Officially, the Private Sector in Saudi Arabia is Driving the Growth of the Hail Region
Portugal and Saudi Arabia Establish a Business Council to Encourage Trade
