GCC banks expect lackluster performance in Q1 2013

GCC banks are likely to report four per cent YoY earnings growth in 1Q13 compared to the same period last year, according to SICO Research

Weaker earnings are forecast for Saudi banks on the back of lower fee income and tightening margins; Qatari banks to report weak balance sheet growth with expected rise in impairment charges, according to SICO Research’s latest report GCC Banks 1Q 2013 results: Expecting a lacklustre 1Q13.

UAE banks are likely to report stronger earnings benefitting from moderating impaired loans and lower cost of funds, it says. UAE banks’ expected earnings improvement already priced in, while 1Q13 results unlikely to provide any positive trigger for Qatari banks. Saudi banks’ long term fundamentals remain strong

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