Listed banks in the GCC recorded aggregate gross loans at $1.68 trillion at the end of the second quarter (Q2) of the year, a report said.
28 August 2021, 12:00 AM
10 September 2021, 12:00 AM
GCC banks recorded aggregate gross loans at $1.68 trillion at the end of the second quarter (Q2) of the year, 4.6% quarter-on-quarter (q-o-q) and 7.1% y-o-y, according to the “GCC Banking Sector Report Q2-2021” released by Kamco Invest, a financial powerhouse in Kuwait.
Net loans also showed a similar growth of 4.8% q-o-q to reach $1.6 trillion, once again backed by growth in all the markets.
Aggregate customer deposits increased by 4.6% to reach $2.0 trillion, a new record high for the GCC banking sector, as compared to $1.9 trillion at the end of Q1-2021.
Recently, Saudi Arabia and Kuwait extended the loan/instalment deferral program aimed at small businesses until the end of September-2021, while Kuwait also amended its bankruptcy law in order to support SMEs.
Businesses in Kuwait are also keen on financing new projects with the ongoing low interest rates and the expectation that the rates would remain low till the end of 2022, the report said. –