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UAE's listed banks record highest growth in assets in GCC in Q3-20

UAE's listed banks record highest growth in assets in GCC in Q3-20
The assets of UAE banks rose by 3.2% QoQ in Q3-20

UAE - Mubasher: The listed banks in the UAE achieved the highest quarter-on-quarter (QoQ) growth in assets across the GCC countries during the third quarter (Q3) of 2020, according to a report published by Kamco Invest.

The assets of UAE banks, listed on the Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX), rose by 3.2% QoQ in Q3-20.

The listed banks in the UAE were followed by banks in Saudi Arabia and Kuwait, which saw growth of 2% and 1.9%, respectively.

The report mentioned that the balance sheet of GCC banks witnessed resilience in asset growth during the July-September period of 2020, with a 2.2% rise to register $2.53 trillion compared to $2.47 trillion in the previous quarter.

Meanwhile, the net interest margins for the GCC banking sector declined to one of the lowest levels at 2.98% in Q3-20, driven by lower interest rates in the region and across the world and higher net loans.

The GCC banks' net profits decreased to their lowest level in the second quarter (Q2) of 2020, but they recorded a recovery in Q3-20 increasing by 56.5% Q-o-Q to $7.5 billion.