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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

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.