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FINANCIAL NEWS
Revenues of ME banking sector up 6.9% in 2012
07 Apr 2013
(MENAFN) The Boston Consulting Group (BCG) stated that revenues of the banking sector in the Middle East rose by 6.9 percent last year, while profits gained 8.1 percent, reported Arabian Business.
Banks in the GCC posted a growth of more than 7 percent in 2012, except for Kuwait, whose banks posted a growth of 3 percent.
As a result of growing delinquencies in sectors including real estate, construction, banks, financial services, and manufacturing; banks in Saudi Arabia and Kuwait had to build higher provisions.
Meanwhile, banks in the UAE were able to lower the existing high provisioning levels notably, by 13 percent, whereas banks in Bahrain also reported higher loan loss provisions (LLPs).
It is worth noting that the BCG index covers 32 banks in the GCC.
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