Gulf banks posted double digit revenue growth last year, surpassing the performance of international peers, according to Arabian Business.
The study showed that banking revenues in the region continued to grow and reach double digit rates in 2013 with a 10.7 percent increase, while profits increased by 10.3 percent, driven largely by international acquisitions.
The report, which covers the largest banks in Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and in the UAE, showed revenues of banks in Qatar grew by 20 percent while banks in the UAE returned to double digit growth overall.
Saudi, Omani and Bahraini banks posted single digit growth rates. The spread of profit growth rates was particularly wide - while banks in Bahrain enjoyed 30 percent profit increase and 19 percent in the UAE, banks in Kuwait had to cope with double digit reductions.
The study showed that banking revenues in the region continued to grow and reach double digit rates in 2013 with a 10.7 percent increase, while profits increased by 10.3 percent, driven largely by international acquisitions.
The report, which covers the largest banks in Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and in the UAE, showed revenues of banks in Qatar grew by 20 percent while banks in the UAE returned to double digit growth overall.
Saudi, Omani and Bahraini banks posted single digit growth rates. The spread of profit growth rates was particularly wide - while banks in Bahrain enjoyed 30 percent profit increase and 19 percent in the UAE, banks in Kuwait had to cope with double digit reductions.
Source:
Mubasher
