Global Arab Network | Global Investment House: GCC banking profits hit .4 billion with 8.5 % increase

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Global Investment House: GCC banking profits hit $14.4 billion with 8.5 % increase

Global Arab Network - - Gamal Ragay

Sunday, 14 March 2010 21:06

Page 1 of 2

According to Global Investment House report, the financial results of the banking sector in the Gulf Cooperation Council (GCC) states showed a retreat in net profits in 2009 by 8.5 percent to hit USD 14.4 billion compared with 15.7 billion in the previous year.

It also made clear that this sector did not see a hike in its net profits in 2009 except in the Kuwaiti market that has its net profits rallying by 70.02% at a time when the Bahraini banking sector led the retreats by 35.2 percent.

However, it is worthy of note that consistent support, whether the direct or indirect, lent and still offered by the GCC governments has eased the consequences. For example, the role of Qatari government became clear when it bought the shares and real estate portfolios from banks at a value ranging between QAR 30 and 50 billion.

Meanwhile, the role of Abu Dhabi government manifested itself in injecting USD 4.3 billion into five local banks in order to consolidate its financial leverage in the deluge of the global financial crisis.

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