Standard & Poor's Ratings Services expects Gulf banks to continue their steady recovery from the 2008 crisis and remain isolated from eurozone turmoil for the rest of 2012 and 2013, according to its published report titled "Gulf Banks Shrug Off Eurozone Turmoil To Continue Steady Recovery From 2008 Crisis."
"We believe the trend of declining loan loss provisions will continue for most of the banks in the Gulf Cooperation Council, resulting in further recovery in reported net profits despite adverse conditions in the eurozone and international banking markets," said Standard & Poor's credit analyst Timucin Engin.
Since the start of the global financial crisis in 2008 and despite slower balance sheet growth, most Gulf Cooperation Council (GCC) banks have maintained healthy earnings generation before provisioning.
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