Search Site

Trends banner

Tesla Q1 sales sink 13 percent

The dip occurred amid lower production during factory upgrades.

AD Ports Group 2024 revenue $4.70bn

The Group's EBITDA increased by 69 percent YOY.

Tesla sales tumble in Europe in Q1

The company suffered from boycotts against the policies of Elon Musk.

Ford’s US Q1 auto sales dip

But its Q1 figures exceed a forecast by Edmunds

Vanke reports annual loss of $6.8 bn

The property giant attributes loss to falling sales and shrinking profit.

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.