The UAE, Saudi Arabia, Qatar, and Kuwait’s banking statistics showed that the aggregate loan growth for the GCC banking sector was a tad lower at 14.3% y-o-y in August 2012 vs. 14.8% y-o-y in July 2012. Though lower, loan growth in August 2012 was supported by positive credit growth across GCC states. At the time of writing, Bahrain has yet to release the August 2012 banking statistics.
Loan growth in Qatar continues to be the highest in the GCC region, which saw credit expansion of 32.7% y-o-y in August 2012 (July 2012: 38.0% y-o-y), driven by both the public and private (services and trading) sectors. Qatar’s banking sector total loans outstanding stood at QAR478.3bln in August 2012, up from QAR360.6bln a year ago. In Saudi Arabia, credit growth was marginally higher at 15.8% y-o-y in August 2012 from 15.6% y-o-y in July 2012, the second strongest in the GCC region after Qatar, supported by both consumer and corporate loans. Total loans outstanding stood at SAR952.4bln in August 2012, up from SAR822.2bln a year ago.
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