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SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

GCC banks earned $18.6bn in interest income in Q3: Kamco

A Saudi man at an ATM in Riyadh. The emergence of Gulf banks with branches in other GCC countries has boosted financial ties in the region. (AFP file)
  • During Q3-2022, non-interest income declined to a four-quarter low of $7.4 billion as compared to $7.8 billion during Q2-2022
  • The aggregate GCC gross banking loans reached a new record of $1.93 trillion, increasing by 1.2 percent or $23.5 billion during the quarter

Listed banks in the GCC generated $18.6 billion in net interest income in the third quarter (Q3) of 2022, compared to $17.2 billion in Q2-2022, a report said.

The Kuwait-based Kamco Invest in its “GCC Banking Sector Report – Nov 2022” said that the sequential increase was broad-based and was seen across the GCC. 

During Q3-2022, non-interest income declined to a four-quarter low of $7.4 billion as compared to $7.8 billion during Q2-2022, reflecting a slide in global and regional financial markets.

During the quarter, aggregate lending in the GCC remained strong. Kuwaiti banks experienced double-digit growth in outstanding credit facilities during the quarter, while Saudi Arabian, Bahraini, and Omani banks registered low single-digit growth.

The UAE central banks also showed strong lending during the quarter. The Qatari banking sector, on the other hand, showed a marginal decline in lending during the quarter.

The aggregate GCC gross banking loans reached a new record of $1.93 trillion, increasing by 1.2 percent or $23.5 billion during the quarter.

Outstanding net loan witnessed a slightly smaller growth of 1.1 percent during the quarter as a result of higher provisions booked during the quarter.

Despite a slowed growth rate, the GCC banking sector’s balance sheet continued to strengthen during the quarter. As compared to Q2-2022, aggregate assets increased by 1.2 percent during Q3-2022 to reach $2.9 trillion. 

As compared to Q2-2022, conventional banks in the region saw their total assets grow by 1.4 percent, while listed Islamic banks saw their assets grow by 0.4 percent.