GCC banks’ net profit surge 10.5% to 14.4bn: Kamco Invest

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RIYADH: Net profit of banks in the Gulf Cooperation Council region surged by 10.5 percent year-on-year in the first quarter of 2024 to $14.4 billion, an analysis showed.

In its latest report, Kamco Invest said that the bottom line performance of these banks also witnessed a rise of 11.8 percent in the first quarter compared to the previous three months. 

The study added that an increase in lending continued in the region despite higher borrowing costs. 

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