The GCC’s banking industry saw single digit growth in both revenue and profit last year as it continued to vastly outperform its international peers.
A study by Boston Consulting Group (BCG) showed revenue at Middle East banks grew by 6.9 per cent on 2011 while profits increased by 8.1 per cent, largely due to an increase from extraordinary income sources.
The findings highlight the gulf in both revenue and profit between GCC lenders and banks from international markets that continues to remain since the 2008 financial crash.
Provisions for bad loans in the region picked up by two per cent while an increase in operating costs of 7.2 per cent exceeded revenue growth.
Read more: http://gulfbusiness.com/2013/03/gcc-banks-continue-to-outperform-international-peers/
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