The GCC banking sector witnessed a significant decline in Q3 earnings as compared to the previous year. Bottom line numbers were down 9% YoY on the quarter and down 13% YoY for the 9 months. Although the top line earnings showed some remarkable growth that was mainly drivebyn  the Net interest income (growth of  13% YoY for Q3 and 19% YoY for 9M), their affect was dragged down by the increase in provisions. Consequently, 2009 results are expected to show a growth of approximately 15%, not from driven by impressive Q4 earnings but the dismal Q4′08 results that weight down 2008 earnings.

Tags: Banks, GCC, GCC Banks, Gulf Cooperation Council, Kuwait, Q3 Earnings, Qatar, Saudi Arabia, UAE, Valuations

This entry was posted on Sunday, December 6th, 2009 at 8:36 am and is filed under Gulf, Kuwait. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.