WITH OIL PRICES soaring, the key Arab economies enjoyed robust growth in 2004 with revenues boosted by a buoyant property sector and stock markets, and strong consumer demand. Banks in the region began to recover in 2003 led by those in the Gulf Cooperation Council countries of Saudi Arabia, Kuwait, UAE, Bahrain, Qatar and Oman. This followed a difficult earnings environment in 2002.
A strong operating environment in 2004 resulted in higher loan volumes and rising non-interest income, with the top 50 GCC banks recording a further 38% increase in net profits on an aggregated basis compared with 23% in 2003.
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