Banks in the Gulf Cooperation Council (GCC) continue to recover
from the global financial crisis despite ongoing social turmoil in
the Middle East, a report by management consulting firm A T Kearney
found.
The report, titled The Middle East Banking Market: Outlook
2011 found that banks in the GCC have to identify new
strategies to grow and improve productivity.
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But the report also said that growth and
profitability among GCC banks “remained far below pre-crisis levels
and vary significantly among markets.”
In the UAE, growth of assets and profits fell,
while in Bahrain, Kuwait and Qatar.
For 2011, the A T Kearney report forecast higher profits,
reduced cost of risk and a favourable macroeconomic environment
boosted by higher oil prices.
However, the report emphasised that profitability will be
restrained in comparison with previous years.
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By GlobalData“The question for GCC bankers is how to grow and improve profits
in a year when their time-tested and proven strategies are likely
not to work nearly as well. The answer is to focus on new
strategies for growth and prosperity,” the report concluded.
