NPS Vatsalya can be initiated while the child is under the age of 18
Bottomline performance for the GCC banking sector remained steady with a healthy q-o-q growth of 11.8% and a Y-o-Y growth of 10.5% to reach $14.4 billion during Q1-2024, according to GCC Banking Sector Report - Q1-2024, released on Tuesday by kamco Invest.
The report, which analyses the financials reported by 57 listed banks in the GCC for the quarter ended Q1-2024, revealed that UAE-listed banks recorded the biggest Q-o-Q growth during Q1-2024 at 5.6% with total customer deposits reaching USD 803.2 Bn, the biggest in the GCC.
"UAE once again ranked first in the GCC in terms of Net Interest Margin (NIMs) that reached 3.49% in Q1-2024 as compared to 3.52% during Q4-2023. The higher margins as compared to Gulf peers reflect ample liquidity that allows UAE banks to capitalise on the tightening interest rate cycle with more modest asset growth. Saudi Arabian banks were next with a NIM of 3.18% followed by Qatari and Kuwait banks at 3.06% and 2.87%, respectively,'' the report noted.
At the country level, the report said, UAE-listed banks once again topped in the region with the highest return on equity (RoE) at the end of Q1-2024 at 16.9% closely followed by Saudi Arabian and Qatari banks with RoEs of 12.8% and 12.7%, respectively. The biggest Y-o-Y growth in RoE was also seen for UAE-listed banks at 280 bps which was mainly led by elevated profits as well as a relatively smaller growth in total shareholders' equity.
NPS Vatsalya can be initiated while the child is under the age of 18
Commerzbank CEO: UniCredit "might want more"
The public takeover offer will be subject to a minimum acceptance threshold of 50% plus one share of Covestro's capital
The UAE has 87 projects and 22,831 rooms in the construction pipeline
Scaling up was in Europe's best interest and it should be private sector players deciding whether to go ahead with deals, says European Central Bank President
Epic will also raise its competition concerns with regulators in the European Union
India-owned Tata Steel had been losing £1 million a day
The National Economic Registry (NER) -Growth also enables government entities to manage economic activities digitally based on the latest AI technologies