Banks in Gulf oil producers netted higher profits in 2011 and are expected to perform better this year because of high public spending and an increase in lending, according to a key Kuwaiti bank.
Most banks in the six-nation Gulf Cooperation Council (GCC), which controls over 40 per cent of the world’s extractable oil deposits, have recovered from the 2008 global fiscal distress and regional debt default problems but their 2011 income remains below peak levels recorded before the crisis.
“For banks in the Gulf Cooperation Council (GCC) countries, 2011 was a better year than the one before. Bank profits continued to improve and assets growth was healthy,” National Bank of Kuwait (NBK) said.
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