GCC’s Banks Gross Loans Reach $1.93 Trillion

Impact of the initial increase in the interest rate on the net revenues of Gulf banks (AP)

The aggregate gross loans in the Gulf region reached a new record of $1.93 trillion, and the banking sector in the Gulf countries is witnessing the initial interest rate hike applied by the central banks in the Gulf Cooperation Council (GCC) countries consistent with the US Federal Reserve interest rate hike.

Kuwait-based KAMCO Investment Company said the net interest income for listed banks in the GCC reached a record quarterly level at $18.6 billion during the third quarter (Q3) of 2022 compared to $17.2 billion during Q2.