{"id":92305,"date":"2024-05-23T00:00:00","date_gmt":"2024-05-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/uae-banks-lead-q-o-q-deposit-growth-in-gcc-banks-kamco\/"},"modified":"2024-05-23T00:00:00","modified_gmt":"2024-05-23T00:00:00","slug":"uae-banks-lead-q-o-q-deposit-growth-in-gcc-banks-kamco","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/23\/uae-banks-lead-q-o-q-deposit-growth-in-gcc-banks-kamco\/","title":{"rendered":"UAE banks lead q-o-q deposit growth in GCC banks -Kamco"},"content":{"rendered":"

UAE banks had a good quarter: <\/strong>UAE-listed banks recorded the highest deposit growth in 1Q 2024 among GCCbanks, with deposits growing 5.6% y-o-y to USD 803.2 bn, according to Kamco Invest\u2019s GCC banking sector report (pdf)<\/a>. Total deposits for listed GCC banks hit a record USD 2.45 tn, up from USD 2.4 tn in 4Q 2023, according to the report.<\/p>\n

Emirati banks\u2019 lending grew 2.7% y-o-y to USD 568.4 bn<\/strong>, the second highest in the GCC after Saudi banks, which saw a 3.5% increase to USD 689.7 bn. GCC listed banks\u2019 lending grew 8.1% y-o-y, reaching USD 2.2 tn in 1Q 2024. <\/p>\n

Gross credit in the UAE banks grew by 1.1% in the first two months of 2024<\/strong>, reaching AED 2 tn by the end of February. This growth was driven by an increase in domestic credit, which offset a decline in foreign credit in February, reversing the trend from January when foreign credit rose and domestic credit was flat, the report reads.<\/p>\n

UAE-listed banks also led the region in return on equity (RoE) during the quarter<\/strong>, achieving an RoE of 16.9%, with Saudi and Qatari banks following at 12.8% and 12.7%. This marks the largest y-o-y RoE increase, driven primarily by increased income and a relatively smaller rise in total shareholders' equity.<\/p>\n

The UAE led the pack among GCC banks in 1Q 2024 with a net interest margin of 3.49% <\/strong>on the back of ample liquidity and modest asset growth,<\/strong> according to the report. <\/p>\n

UAE banks also recorded the largest decrease in impairments among GCC banks in 1Q<\/strong>. Overall, the GCC banking sector experienced its lowest impairments in five years during the quarter, with aggregate impairments totaling USD 2.27 bn, a 34.4% decline from 4Q 2023.<\/p>\n

A LOOK AT THE REGION-<\/p>\n

The GCC banking sector as a whole maintained stable bottom-line performance<\/strong>, showing q-o-q growth of 11.8% and a y-o-y growth of 10.5%, reaching USD 14.4 bn in 1Q 2024.<\/p>\n

However, elevated interest rates impacted GCC banks for the first time in 12 quarters in 1Q 2024<\/strong>, with both interest income and non-interest income declining, according to the report. Total interest income was flat at USD 50.5 bn, with a 4.3% yield on credit. Total bank revenue for GCC-listed banks also dropped to USD 31.4 bn during the quarter, the first decline since 1Q 2021.<\/p>\n

Operating expenses for GCC banks dropped to USD 12.5 bn during the quarter<\/strong>, down 4.5% from the previous quarter\u2019s record high. However, the cost-to-income ratio for GCC banks slightly rose to 40% in 1Q 2024, mainly due to \u201chigher costs for the twelve-month period.\u201d Qatar had the lowest ratio at 38.2%, followed by the UAE and Saudi Arabia at 38.4% and 39.4%, respectively.<\/p>\n","protected":false},"excerpt":{"rendered":"

The UAE ranked first in deposit growth<\/p>\n","protected":false},"author":1,"featured_media":92306,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1618],"tags":[159,331],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-interest-rates","wpautop","entry"],"acf":{"mongo_id":"2dbf0191-d95f-4a06-9f16-8281d80a483b","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/747.jpg","photo_position":"above","homepage_title":"UAE banks lead q-o-q deposit growth in GCC banks","full_issue_title":"UAE banks lead q-o-q deposit growth in GCC banks -Kamco","related_issue":[92292],"teaser":"The UAE ranked first in deposit growth","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.7d470f64-e70c-4ab8-be4a-c53787440f05.mp3"},"yoast_head":"\nUAE banks lead q-o-q deposit growth in GCC banks -Kamco - 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