VOL. XLVI

No 37

15-September-2003

BANK RESULTS

Interest Income Drives Steady Growth Of Gulf Banks In 2002 As Profits Rise 6.5%

Interest income growth was the key to growth for GCC banks in 2002 as they recorded a year of steady increase in total profits, which rose 6.5% from $5.53bn in 2001 to $5.89bn, according to the MEES annual survey of 64 regional banks. Despite relatively low GDP growth rates in the region, banks benefited from high liquidity stemming from the high oil prices, which...