GOOD RESULTS FOR Arab banks in 2003 were led by the six Gulf states (Saudi Arabia, Kuwait, UAE, Bahrain, Qatar and Oman). Improved performances were generated on the back of a generally strong regional economy, a high oil price, rising stock markets, a stronger property sector, and improved sentiment throughout the area. Although margins remain tight, this was more than compensated for by higher loan volumes and rising fee income.
The top 50 banks in the Gulf Cooperation Council states posted net profit rises of 23% in 2003 on an aggregated basis compared with just 2% in 2002 and 3% in 2001.
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