Middle East Economic Survey


No 38


Gulf Banks 2003 Profits Boosted By High Oil Prices

GCC banks saw a substantial increase in profits in 2003 as the regions economy was boosted by increases in oil prices. Profits jumped 19.7% to $7.06bn in 2003 from the $5.90bn recorded in 2002, according to the MEES annual survey of 67 regional banks. Of the banks that have reported 2003 results (excluding Commercial Bank International, Investcorp, BIB and BMB Investment Bank) only...