DUBAI / WAM
KPMG released the results of its fifth edition of the ‘GCC listed banks’ report, which analyses the published results of listed commercial banks across the region for the year ended December 31, 2019.
The report, titled ‘New Age Banking’, has found that the UAE’s top ten banks reported positive results in 2019, with an average 13.9 percent growth in net profit, the highest among GCC countries, driven by an increase in the overall loan book and inorganic growth.
The local banking sector continues to show strength and resilience as top UAE banks reported the region’s highest growth in their asset base of 19.5 percent, KPMG, which provides audit, tax and advisory services said.
According to the report, UAE-based Emirates NBD reported the highest net profit across the GCC, at USD 3.94 billion, and the highest return on equity at 21.8 percent.
Speaking about the findings, Abbas Basrai, Partner and Head of Financial Services at KPMG Lower Gulf, commented, “The UAE banking sector has remained resilient, with overall good performance from the top ten listed banks. These positive financial results, coupled with the increasing focus on ‘digitisation’ in the region, have resulted in a move towards a more innovative approach in ‘new age banking’.”
The report analyses the results of selected listed banks from around the GCC, including from Bahrain, Kuwait, Oman and Saudi Arabia.
It summarises banks’ results through selected key performance indicators for the year ended December 31, 2019 and compares these with the same information for the year ended December 31, 2018.