Kuwait spearheads GCC-listed banks' 2021 net profit surge
The Gulf region's banking sector has witnessed robust growth for 2021 with the GCC-listed banks posting a 35.8% increase in its net profit which surged to $34.5 billion from $25.4 billion in 2020, led by the growth surge in loan book, reduction in the costs of funds, according to leading advisory firm KPMG.
Regionwise, Kuwait topped the list with a 91.4% growth in the net profits of GCC-listed banks in the country which surged to $2.9 billion from 2020’s figure of $1.52 billion, stated KPMG in the seventh edition of its GCC listed banks’ results report titled ‘A new reality’ which analyzes and compares the financial outcomes and key performance indicators for the leading listed commercial banks to the previous year.
Total assets in Kuwait grew from $301.6 billion in 2020 to $320.7 billion in 2021, climbing by about 6.3%.
This report provides banking industry leaders with succinct analysis along with insights and forward-looking views and also highlights some of the major financial trends identified in the banking sector across the region.
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