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GCC banks profit growth reach 6 percent
(MENAFN) GCC banks were confirmed to have seen their profit growth hit 6 percent as a result of decreased LLPs and cuts in expenses.
Based on BCG's annual banking performance study, the growth was witnessed even after hitting a drop in revenue growth at 2.3 percent a year ago, compared to 3 percent in 2016.
Senior Partner & Managing Director at BCG's Middle East office Reinhold Leichtfuss commented on the findings, confirming "GCC banks are adapting well to a slowing revenue growth regime and profits climbed more than twice as strong through reduced loan loss provisions as well as tight cost management."
The study also found key customer segments to have recorded revenues growth, with retail scoring 3 percent boost and corporate banking reporting a 5.4 percent surge.
Based on BCG's annual banking performance study, the growth was witnessed even after hitting a drop in revenue growth at 2.3 percent a year ago, compared to 3 percent in 2016.
Senior Partner & Managing Director at BCG's Middle East office Reinhold Leichtfuss commented on the findings, confirming "GCC banks are adapting well to a slowing revenue growth regime and profits climbed more than twice as strong through reduced loan loss provisions as well as tight cost management."
The study also found key customer segments to have recorded revenues growth, with retail scoring 3 percent boost and corporate banking reporting a 5.4 percent surge.
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