SaudiArabiaPR.com, Online Press Release from Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
UAE Banks Among Top Performing in GCC, KPMG Report Finds
UAE Banks Among Top Performing in GCC, KPMG Report Finds

21 May 2020: KPMG recently released its fifth edition of the ‘GCC listed banks’ results’ report, which analyzes the published results of listed commercial banks across the region for the year ended 31 December 2019. The report, titled ‘New Age Banking’, demonstrates that the UAE’s top ten banks reported positive results in 2019, with an average 13.9 percent growth in net profit, the highest among GCC countries, driven by an increase in the overall loan book and inorganic growth. 


The local banking sector continues to show strength and resilience as top UAE banks reported the region’s highest growth in their asset base of 19.5 percent. UAE-based Emirates NBD reported the highest net profit across the GCC, at USD 3.94 million, and the highest return on equity at 21.8 percent. 
Speaking about the report, Abbas Basrai, Partner and Head of Financial Services at KPMG Lower Gulf, commented: “The UAE banking sector has remained resilient, with overall good performance from the top ten listed banks. These positive financial results, coupled with the increasing focus on ‘digitization’ in the region, have resulted in a move towards a more innovative approach in “new age banking.”

 

On another note, Covid-19 is having an unprecedented impact on financial markets globally and locally and creating a unique situation for the industry. In the wake of the Covid-19 pandemic, the Central Bank of the UAE announced several relief packages. Banks must contend with many new regulations, as well as meet consumer demands for innovative, new digital banking products.

 

“Looking to the future of the financial services sector in light of the current pandemic we are experiencing, banks will need to innovate now more than ever to reach their customers through digital platforms and new mediums. Banks that are agile, flexible and willing to transform their business models will succeed, and secure their financial strength for future growth, while those that rest on their laurels will be left behind,” added Basrai.


The report further demonstrates that although regional banks have remained resilient in terms of profitability and asset growth, they continue to focus on managing the credit quality of their loan portfolios to ensure this resilience can be maintained.


The report titled ‘GCC listed banks’ results: New Age Banking, analyzes the results of selected listed banks in the Kingdom of Bahrain, the State of Kuwait, the Sultanate of Oman, the Kingdom of Saudi Arabia, the State of Qatar and the United Arab Emirates. It summarizes banks’ results through selected key performance indicators for the year ended 31 December 2019 and compares these with the same information for the year ended 31 December 2018. 

Posted by : Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina PR Network Editorial Team
Viewed 8079 times
PR Category : Banking & Investments
Posted on : Thursday, May 21, 2020  1:32:00 PM UAE local time (GMT+4)
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories

 
 
Most Viewed Press Release posted in the last 7 days
Eid Gifts From The Body Shop [27937-Views]
Make Up for Ever Introduces for the First Time Its New Active Care-in-foundation to Revive Tired Ski... [17999-Views]
Kristina Fidelskaya A/W 2020 Collection “Dream” [14752-Views]
Maillon De Cartier Watch [13952-Views]
Olay Eyes Hydra Gel [13940-Views]
HONOR MagicBook Series is Perfect for Fashion Forward, Design Conscious Individuals Across the Middl... [13878-Views]
LG Prioritizes Home Comfort With Latest Air Conditioners for GCC Market [11980-Views]
Turkish Jewellery Designers Terzihan Present 'neutra' Their Stunning New Collection Featuring Raw Na... [11898-Views]
Majority of G.C.C. Travel Agents Envisage a Return to International Travel by August/September [11660-Views]
Urgent Implementation of ICAO COVID-19 Guidelines Needed [10578-Views]
Omega Announces Its Role as the Official Timekeeper of the 36th America's Cup [10193-Views]
Ralph Lauren Expands Its Earth Polo Offering, Reinforces Commitment to Protecting the Environment [9578-Views]
A Bronzed Adonis [8044-Views]
UAE Banks Among Top Performing in GCC, KPMG Report Finds [7974-Views]
Made in Italy, ICSA® Issues a Notification of Counterfeit Products Found in the Kingdom of Saudi Ara... [7441-Views]
COVID-19 Triggers Marked Decline in Global Trade: UNCTAD [7302-Views]
After April Passenger Demand Trough, First Signals of Uptick [7171-Views]
Lamborghini SCV12: Squadra Corse Hypercar Ready to Hit the Track [6482-Views]
Lockdown Showdown: Jaguar I-pace Etrophy Series to Get Back on Track in Berlin in August [5748-Views]
Three Eggs get Yemeni National a Guinness World Records Title [5494-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories