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GCC bank lending to maintain growth this year
- Middle East: Sunday, March 24 - 2013 at 03:21
Standard & Poor's Ratings Services has said lenders in the GCC region are likely to continue their steady recovery from the global financial crisis this year, aided by healthy economic growth and high oil prices, Arab News has reported. "Our forecast for average 4.6% GDP growth in the GCC for 2013 should keep demand for bank credit high and expand banks' earnings. We believe strong bank lending on the back of corporate and infrastructure growth will help expand revenues of banks in Saudi Arabia, and Qatar," said S&P credit analyst, Timucin Engin. ""In Kuwait, the UAE, and Bahrain, however, which have seen a less pronounced rebound in growth, we envisage a slower pick-up in lending," said Engin.
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