Gulf Arab bank profits fall

Profits in GCC banks have declined by 3.2 per cent for the first time since 2008, with the revenue figure hitting single digits, the Boston Consulting Group revealed.

Despite the fact that profits remained relatively high, profits in the GCC banking industry saw a decline for the first time since 2008.

The global decline in oil prices has contributed to the fall in profits.

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However, the fall in profits has not been considered detrimental to the overall economy of the GCC states.

“The decline in profit is the first we’ve seen since 2008 for GCC banks.

Nevertheless, this is not a reason for major concern, since the level of profits went up steadily for the last few years and is still very healthy,” Reinhold Leichtfuss, the senior partner and managing director at Boston Consulting Group’s Middle East office, said.