Bank revenue and profit growth will stagnate in the Gulf this year, trailing international rivals that are experiencing a recovery in earnings after the financial crisis, a study by the Boston Consulting Group shows.
After years of expansion, revenue growth of GCC banks will slow to single digits this year, with UAE banks expected to be flat, the study said.
Banks in the Emirates were forecast to experience a 2 per cent decline in profits overall. Only Oman was expected to perform worse, with profits expected to shrink by 11 per cent.
UAE banks had been among the region's star performers, showing an average annual growth of 21 per cent since 2005.
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