GCC listed banks' results
Adaptation and growth
In this report, KPMG professionals have analyzed the financial results of leading listed commercial banks from each GCC country — the Kingdom of Bahrain (Bahrain), the State of Kuwait (Kuwait), the Sultanate of Oman (Oman), the State of Qatar (Qatar), the Kingdom of Saudi Arabia (Saudi Arabia or KSA) and the United Arab Emirates (UAE). The financial results and selected key performance indicators (KPIs) of the 52 leading GCC banks for the year-ended 31 December 2023 are summarized and compared with the prior year (year-ended 31 December 2022).
The annual report, titled ‘Adaptation and Growth’, highlights some of the key financial trends which include:
| Robust asset growth | Reduced loan impairment |
| Significant profitability increase | Stability in cost-to-income ratio |
| Improved net interest margins (NIM) | Strengthened capital adequacy |
| Lower non-performing loan (NPL) ratio | Rising share prices |
2023 emerged as a year of growth post a period of adaptation and investment by banks in the region. Each financial KPI covered in this report witnessed a positive trend from the prior year which reflects not only the strength of GCC economies but also the results of effective management, digital transformation and improved return on investments over the past few years. The GCC banking sector continued to maintain resilience and build on the proactive and timely measures taken by banks, coupled with effective government support, to ensure stability in the sector.
Looking forward, our key predictions for the sector in 2024 are:
| Effective NPL management | Rise in prominence of environment, social and governance (ESG) |
| Faster balance sheet growth | Greater focus on artificial intelligence |
| Healthy NIMs | Further consolidation |
| Cost control to be maintained | Focus on regtech |
We hope that our analysis, insights and predictions will continue to help drive banking strategies and shape the industry across the region.
GCC listed banks' results
Report analyzing the published results of top 52 listed commercial banks across 6 GCC countries for the year-ended 31 December 2023
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