GCC Commercial Bank Assets Increase By 10% To Reach $3.527 Trillion By End Of 2024

The Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) has released new data showing a 10% rise in total assets of commercial banks in GCC countries by the end of 2024, reaching about $3.5 trillion compared to 2023.

Deposits in these banks also saw an increase, reaching approximately $2.1 trillion by the end of 2024, marking a 9.6% growth from the previous year. This upward trend was consistent across all GCC nations.

The total loan balance provided by GCC commercial banks reached around $2.1 trillion by the end of 2024, reflecting a 9.9% increase from 2023. Loans to the private sector made up about 80.7% of this total.

Non-performing loans decreased in most GCC countries between 2020 and 2024, although there were variations among different nations. The loan-to-deposit ratio also varied significantly, ranging from 125% to 66% across the region.

Capital adequacy ratios in GCC countries remained well above Basel III's minimum requirement of 8%, ranging between 32% and 17.8% in 2024. This indicates strong regulatory compliance among GCC banks.

The net profits of commercial banks in the GCC have grown significantly over the past four years, surpassing levels seen before the COVID-19 pandemic.

With inputs from WAM