GCC Banking Sector Profits Steady in 2Q 2021 Following Robust Recovery in 1Q 2021

According to a recent analysis of data from across the Gulf Cooperation Council (GCC) by Kuwait-based Kamco Invest, after experiencing a robust recovery in the first quarter of 2021 (1Q 2021) to reach pre-COVID-19 levels, net profits in the GCC banking sector as a whole remained stable in the second quarter of 2Q 2021.

Why it Matters?

Contributing to this stability were banks in the United Arab Emirates (UAE), which saw the largest rise in profits during (2Q 2021), recording a growth of 11.8% quarter-on-quarter (QoQ). Kuwaiti banks recorded the second-biggest QoQ rise in net profits at 7.8%, hitting USD 0.7 billion in 2Q 2021.

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