Banks – Gulf Cooperation Council

2020 Outlook

Research Publication 25 November 2019

Gulf Cooperation Council - Banks: 2020 Outlook 1
Contacts Place Rate this Research
Label Here

Sean Marion Henry MacNevin Nitish Bhojnagarwala

Managing Director FIG Associate Managing Director FIG VP –Senior Credit Officer FIG
sean.marion@moodys.com henry.macnevin@moodys.com nitish.bhojnagarwala@moodys.com
+44.20.7772.1056 +44.20.7772.1635 +971.4237.9563

Ashraf Madani Christos Theofilou Mik Kabeya

VP –Senior Analyst FIG VP –Senior Analyst FIG AVP –Analyst FIG
ashraf.madani@moodys.com christos.theofilou@moodys.com mik.kabeya@moodys.com
+971.4237.9542 +357.2569.3004 +971.4237.9590

Badis Shubailat
Analyst
badis.shubailat@moodys.com
+971.4237.9505

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the
issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Gulf Cooperation Council - Banks: 2020 Outlook 2

Summary
Our outlook for GCC banks in 2020 is stable, underpinned by solid economic growth across the region,
and by the banks’ strong capital buffers and substantial liquidity. Risks to economic growth have risen,
however, and we expect loan performance to soften slightly and profitability to be under pressure from
gradually rising loan-loss provisions.
Key takeaways
» Government spending programs will push average non-hydrocarbon GDP growth to 2.3% in 2020, providing favourable
operating conditions for the region’s banks. Slowing global growth and rising geopolitical tensions in the region are
weakening business confidence, however, and pose downside risk to economic growth.
» Loan performance will weaken modestly but will remain solid. New problem loans will form primarily in the slowing
construction and real-estate sector. We expect non-performing loans to stand at a moderate 3.5% of total loans by the
end of 2020, from an estimated 3.3% in 2019.
» Capital is a considerable source of strength for GCC banks and it will remain stable at a high level. We expect average
tangible common equity of around 16% of risk-weighted assets for 2020, a sufficient buffer to withstand sudden stress.
» Profitability pressures will increase as a small rise in problem loans drives loan-loss provisioning costs higher. We
expect average return on assets to dip slightly, to around 1.7% for 2020 from an estimated 1.8% for 2019. Declining
interest rates will start to pressure banks’ net interest margins but margins will remain strong compared with global
peers. Efficiency will remain a strength.
» Continued international debt issuances by GCC sovereigns will bolster inflows of domestic deposits, while credit growth
will be sluggish keeping funding demand low.
» Liquid assets will remain substantial (around 31% of total assets for 2020) and well above levels of confidence-sensitive
market funding. Liquidity coverage ratios will remain very high.
» Governments will remain very willing to support banks in a crisis and their capacity to do so is strong. Capacity is
weaker in Bahrain and Oman, however, as fiscal pressures are more pronounced there.

Gulf Cooperation Council - Banks: 2020 Outlook 3

Contents
1. Outlook overview Slide 5
2. Rating universe Slide 9
3. Operating environment Slide 12
4. Solvency Slide 17
5. Funding and liquidity Slide 24
6. Government support Slide 28
7. Moody’s related publications Slide 31

Gulf Cooperation Council - Banks: 2020 Outlook 4

1 Outlook overview
Our outlook for GCC banks remains stable
The region’s banks will remain resilient in 2020 despite slowing global growth and geopolitical tensions

Negative Stable Positive

What could change outlook Drivers of a stable outlook: What could change outlook
to negative: to positive:
» Decline in oil prices leading » Solid non-hydrocarbon GDP » An unexpected and
to tightening liquidity for growth as a result of significant increase in
banks continued government government spending which
spending would improve operating
» Unexpected spending cuts conditions for banks
by governments, leading to a » Capital buffers will remain
weaker macroeconomic stable and strong » Reduced fiscal and external
environment for banks imbalances for smaller GCC
» Funding remains strong and economies
» Significant rise in geopolitical deposit-focused and liquidity
tensions in the region buffers are robust
adversely affecting business
and consumer confidence
» Stability in UAE, Saudi
Arabia, Qatar, Kuwait and
» Deterioration of sovereign Bahrain (97% of GCC rated
credit profiles could affect banking assets) will outweigh
banks benefitting from fiscal pressures in Oman
government support

The Banking Industry Outlook (positive, stable or negative) indicates our forward-looking assessment of fundamental credit conditions that will affect the creditworthiness of the GCC banking sector over the next
12-18 months. As such, the outlook provides our view of how the operating environment for the banks, including macroeconomic, competitive and regulatory trends, will affect, among other things, asset quality,
capital, funding, liquidity and profitability. Since outlooks represent our forward-looking view on credit conditions that factor into our ratings, a negative (positive) outlook suggests that negative (positive) rating
actions are more likely on average. However, the outlook does not represent a sum of upgrades, downgrades or ratings under review, nor an average of the rating outlooks of issuers in the industry, but rather
our assessment of the direction of credit fundamentals overall within the industry more broadly.

Gulf Cooperation Council - Banks: 2020 Outlook 6

Our outlooks by country are mostly stable…
Banks in Kuwait, UAE, Qatar, Bahrain and Saudi Arabia will remain resilient
Stable
UAE (Aa2, Stable)
» Economic growth will remain
stable at 1.4% in 2020
» Loan performance will
weaken moderately
» Strong capital provides
sizeable loss-absorption
potential
» Funding and liquidity will
remain robust
» Profitability will decline
modestly but remain solid
Stable
Saudi Arabia (A1, Stable)
» Economic growth will pick up
to 2.5% in 2020 supported by
growth in the hydrocarbon
sector
» Problem loans will stabilise at
current low levels
» Capital will remain strong
and stable
» Profitability will be pressured
by lower interest rates but
remain strong
» Funding will remain sound
and liquidity will stay high
Gulf Cooperation Council - Banks: 2020 Outlook
Stable
Qatar (Aa3, Stable)
» Economic rebound and
World Cup 2022 spending
will keep credit demand high
» Loan quality will weaken
slightly due to economic
slowdown in previous years
» Capital will remain strong
» Profitability will be stable,
supported by stable margins
» Liquidity will remain sound as
public-sector inflows mitigate
funding pressures
7
… but our outlook for Oman is negative
Lower government spending levels will weigh on banks in Oman
Stable
Kuwait (Aa2, Stable)
» Economic growth will slightly
increase to 1.4% in 2020,
supporting operating
conditions for banks
» Loan quality will soften
slightly
» Loss-absorbing capital
buffers will remain strong
» Profitability will stabilise after
solid growth in 2019
» Funding is anchored on low-
cost, stable deposits; liquidity
will remain strong
Stable
Bahrain (B2, Stable)
» Economic growth will pick up
to 2.0% but remain below
historical averages
» The impact of fiscal reforms
on non-oil GDP will be offset
by off-budget infrastructure
spending
» Asset quality will remain
stable despite a modest
increase in problem loans
» Profitability will be supported
by rising lending volumes
and stable interest margins
» The banks’ strong liquidity
will mitigate funding pressure
Gulf Cooperation Council - Banks: 2020 Outlook
Negative
Oman (Ba1, Negative)
» Economic growth will remain
subdued
» Loan performance will
weaken because lower oil
prices have dented
government spending
» Capital will remain sound
» Constrained government
finances will limit banks'
access to funding and
liquidity
» Profitability is robust but will
edge lower
» Government capacity to
provide support is weakening
8
2 Rating universe
Most GCC banks have stable rating outlooks

EXHIBIT 1 EXHIBIT 2
GCC banks’ deposit ratings and outlooks GCC banks’ ratings outlooks

Aa3 A-rated
Inner Circle
Baa-rated Sub-Investment Grade
Outer Circle Stable Outlook Negative Outlook
Positive
2%
$252bn

Kuwait
$87bn

Bahrain*
20% $389bn
6% Saudi
11%
Arabia $748bn
Qatar
$604bn
U.A.E.
Oman
22% $86bn

61%

Size of the banking

78% Stable Negative system/total assets
outlook outlook (as of year-end 2018)

Note: Rating distribution is not asset-weighted / (*) onshore retail banks

Sources: Central banks, Moody’s Investors Service

Gulf Cooperation Council - Banks: 2020 Outlook 10

Regional credit drivers largely show stability

EXHIBIT 3

UAE Saudi Arabia Qatar Kuwait Bahrain Oman

Overall outlook Stable Stable Stable Stable Stable Negative

Operating environment Stable Stable Stable Stable Stable Stable

Asset risk Deteriorating Stable Stable Stable Stable Deteriorating

Capital Stable Stable Stable Stable Stable Stable

Profitability & efficiency Deteriorating Stable Stable Stable Stable Deteriorating

Funding & liquidity Stable Stable Stable Stable Stable Deteriorating

Government support Stable Stable Stable Stable Stable Deteriorating

Source: Moody’s Investors Service

Gulf Cooperation Council - Banks: 2020 Outlook 11

3 Operating
environment
Operating conditions will be solid but risks are rising

» Amid rising geopolitical tensions and slowing global economic growth, GCC governments will continue to support their economies
through spending. We expect real GDP growth to rise slightly, averaging 2.0% across the region in 2020.
» We forecast an average oil price of $62 for 2020, around the midpoint of our $50-$70 medium-term projection range, balanced by
sluggish global demand and subsequent supply cuts led by OPEC and Russia.
» Non-oil growth will be supported by continued budgetary spending, in the form of infrastructure spending programs in Qatar, Saudi
Arabia, UAE and Kuwait, and stimulus measures in the UAE. Downside risks to our growth projections are increasing, however.

EXHIBIT 4
Real non-hydrocarbon GDP growth will improve in 2020

UAE Kuwait Qatar Saudi Arabia Oman Bahrain Average

12%

10%

8%

6% Qatar
Oman
4% Kuwait
Bahrain

2% S. Arabia
UAE
0%
2013 2014 2015 2016 2017 2018 2019F 2020F
Sources: Central banks, Moody’s Investors Service

Gulf Cooperation Council - Banks: 2020 Outlook 13

Most GCC sovereigns will continue to run budget deficits

» Oil prices will remain below the fiscal breakeven level for Kuwait, Saudi Arabia, Oman and Bahrain.
» The pace of reform momentum is slowing and governments are reversing their spending cutbacks.
» As a result, fiscal deficits are widening again and will be above 5% in Kuwait, Saudi Arabia, Oman and Bahrain in 2020. Government
debt will also continue to rise.

EXHIBIT 5 EXHIBIT 6
Fiscal balances will remain in deficit (% of GDP) Government debt will continue to rise in most countries (% of GDP)

2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020
20% 120%
15%
100%
10%
5% 80%
0%
60%
-5%
-10% 40%
-15%
20%
-20%
-25% 0%
UAE Kuwait Qatar Saudi Oman Bahrain UAE Kuwait Qatar Saudi Oman Bahrain
Arabia Arabia

Sources: Rated banks’ financials, central banks, Basel Committee on Banking Supervision, Moody’s estimates

Gulf Cooperation Council - Banks: 2020 Outlook 14

Loan growth will remain subdued

» Credit growth will marginally increase from current low levels supported by economic activity and some private-sector growth.
» Lending growth in 2020 will range from 4% in UAE to 6%-7% in Oman and Bahrain. Lending to the struggling construction and real-
estate sectors will slow down as the sector caps will inhibit further lending.

EXHIBIT 7
Credit growth will pick up but will remain below historical averages (credit growth, annual %)

UAE Kuwait Qatar Saudi Arabia Oman Bahrain

30%

25%

20%

15%

10%

5%

0%

-5%
2012 2013 2014 2015 2016 2017 2018 2019F 2020F
Sources: Central banks, Moody’s Investors Service

Gulf Cooperation Council - Banks: 2020 Outlook 15

Consolidation among banks will continue into 2020
Slower economic conditions, fragmented banking systems and competition are driving mergers and
acquisitions across the Gulf region

EXHIBIT 8
Latest merger and acquisiton transactions in the GCC region

Country Transaction Size Status

National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC merge to form First Abu Dhabi Completed
UAE $188 billion
Bank (Aa3/stable, a3) in April 2017

Completed in April
Qatar Barwa Bank (A2/stable, baa3) and International Bank of Qatar (A2/stable, baa3) have merged $22 billion
2019

Three-way merger between Abu Dhabi Commercial Bank (A1/stable, baa3), Union National Completed
UAE $114 billion
Bank PJSC (A1/stable, baa3) and Al Hilal Bank PJSC (A2/stable, ba1) in May 2019

Saudi British Bank (A1/stable, a3) took over Alawwal Bank (A3/positive, baa2) in a $5 billion Completed
Saudi Arabia $72.5 billion
stock deal in June 2019

Emirates NBD PJSC (A3/stable, ba1) acquired Turkey’s Denizbank AS (B3/negative, caa1) for Completed
UAE/ Turkey $42.8 billion
$3.2 billion in July 2019

National Bank of Bahrain (B2/stable, b2) in discussions to increase stake in Bahrain Islamic Offer being assessed
Bahrain $11.7 billion
Bank (B2/stable, b2) by BIsB shareholders

Kuwait Finance House KSCP (A1/stable, ba1) in merger talks with Bahrain’s Ahli United Bank
Kuwait/ Bahrain $92.6 billion Due diligence
BSC (unrated)

National Commercial Bank (A1 stable, baa1) and Riyad Bank (A2 stable, baa1) stated publicly
Saudi Arabia $179 billion
in December 2018 that they will start merger discussions. Due diligence

Oman Arab Bank SAOC (Ba1/negative, ba2) is exploring merger with Alizz Islamic Bank
Oman $7 billion Due diligence
SAOG (unrated)
Note: The bank ratings shown in this table are the banks’ deposit/issuer ratings and their Baseline Credit Assessments
Sources: Bloomberg, Moody’s Investors Service

Gulf Cooperation Council - Banks: 2020 Outlook 16

4 Solvency
Loan performance will weaken but remain solid

» Problem loans will increase slightly due to the economic slowdown over recent years but the impact will be partly mitigated by falling
interest rates.
» Despite an increase, problem loans will remain low in Saudi Arabia, Qatar and Kuwait relative to global peers.
» Real-estate and construction sectors are slowing and will drive the rise in problem loans and large loan restructurings in the region.
» High concentrations of loans to single borrowers and sectors, lending to related parties and heavy exposure to real-estate pose risks
of a sharp spike in delinquencies in a downturn or crisis.

EXHIBIT 9
Problem loans will rise slightly (nonperforming loans as % of gross loans)

2013 2014 2015 2016 2017 2018 2019F 2020F

10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
UAE KUWAIT QATAR SAUDI ARABIA OMAN BAHRAIN

Sources: Moody’s-rated banks’ financials, Moody’s estimates

Gulf Cooperation Council - Banks: 2020 Outlook 18

Loan-loss reserves will remain high

» Loan-loss provisioning coverage of problem loans has improved over the years and is high across the region - above 100% on
average.
» Despite weakening loan quality, we expect loan-loss coverage to remain around 100% of problem loans.
» Adoption of IFRS 9 accounting standards has improved forward-looking credit underwriting and provisioning for the life-time of the
loan. For Kuwait, we expect regulatory demands under IFRS 9 to be particularly high, in line with the regulator’s conservative stance in
recent years.

EXHIBIT 10
Loan-loss reserves are over 100% in most GCC countries (loan-loss reserves as % of problem loans)

2013 2014 2015 2016 2017 2018 2019 (latest)

300%

250%

200%

150%

100%

50%

0%
UAE KUWAIT* QATAR SAUDI ARABIA OMAN BAHRAIN*

Note: (*) Moody’s estimate for Kuwait and Bahrain

Source: Moody’s Investors Service

Gulf Cooperation Council - Banks: 2020 Outlook 19

Capital will remain a strength

» GCC banks hold large loss-absorbing capital buffers against expected loan quality deterioration. Their capital is resilient under our low
probability, high-stress scenario.
» Capital will remain broadly stable, as internal capital generation will be sufficient to fund expected credit growth in 2020.
» GCC banks’ capital buffers compare favorably against global median capital levels under both our baseline and high-stress scenarios.

EXHIBIT 11
Capital buffers will remain high (tangible common equity % risk-weighted assets)

2013 2014 2015 2016 2017 2018 2019 (latest)

25%

20%

15%

10%

5%

0%
UAE KUWAIT QATAR SAUDI ARABIA OMAN BAHRAIN*
Note: (*) Moody’s estimate for Bahrain
Source: Moody’s Investors Service

Gulf Cooperation Council - Banks: 2020 Outlook 20

Capital ratios at GCC banks far exceed Basel III guidance

» Capital levels set by GCC regulators are markedly higher than Basel III guidance, reflecting risks posed by high loan concentrations in
GCC banking systems
» Banks’ increased loan-loss provisioning will provide further strong loss-absorption capacity.
» Problem loans do not exceed 7%-26% of shareholders’ equity and loan-loss reserves across the region.
» Banks are increasing their issuance of Basel III-compliant Additional Tier 1 capital instruments (particularly in UAE and Qatar) which
provides an additional regulatory capital cushion.

EXHIBIT 12
Capital buffers will remain ahead of Basel III guidance (total capital ratios and Basel III minimum requirements)

Min CET1 Ratio Min Tier 1 Ratio Min Total Capital Ratio Max D-SIB Surcharge Tier 1 Capital Ratio (latest) Total Capital Ratio (latest)

25%

20%
19.2%
18.6%
17.1%
18.5% 18.8% 16.2%
15%
2.0% 3.5% 1.0%
1.0%
13.0% 13.0% 13.5%
12.5% 2.5% 12.5% 2.5%
10% 11.0% 11.0% 10.5% 11.5% 10.5%
17.6% 10.5% 18.1% 10.5%
16.0% 15.7% 16.8%
8.5% 14.9% 8.5%
5% 9.5% 9.5% 9.5%
8.5% 9.0%
7.0% 7.0%

0%
UAE banks UAE Kuwaiti banks Kuwait Qatari banks Qatar Saudi banks Saudi Arabia Omani banks Oman Bahraini banks Bahrain BCBS min. ratios
capital levels min. ratios capital levels min. ratios capital levels min. ratios capital levels min. ratios capital levels min. ratios capital levels min. ratios by 2019

Sources: Rated banks’ financials, central banks, Basel Committee on Banking Supervision (BCBS), Moody’s estimates

Gulf Cooperation Council - Banks: 2020 Outlook 21

Profitability pressures will increase slightly

» Profitability pressures will increase slightly as weakening loan performance drives provisioning costs higher. We expect an average
return on assets of around 1.7% for 2020, down from an estimated 1.8% for 2019.
» Fees and commissions (15%-20% of operating income) will remain stable, although business volumes will increase in line with credit
growth.
» Banks have adapted their cost base to the slowing economic environment, maintaining strong efficiency.
» Consolidation will ease competition and so alleviate some pressure on profitability.

EXHIBIT 13
Net profits will dip slightly (net income as a % of tangible assets)

2013 2014 2015 2016 2017 2018 2019 (latest)

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%
UAE KUWAIT QATAR SAUDI ARABIA OMAN BAHRAIN
Source: Moody’s Investors Service

Gulf Cooperation Council - Banks: 2020 Outlook 22

Interest margins will narrow but remain strong overall
» Interest rates were recently cut in the US and, due to GCC currency pegs with the US dollar, the regional central banks followed suit
and lowered their rates.
» As a consequence, margins will face some pressure but will remain strong compared with global peers.
» Margins will also be supported by the continued supply of high quality government bonds/sukuks which are higher-yielding than the
cash or deposits with central banks, especially for banks in Saudi Arabia and Bahrain.
» Continued efforts to digitalize processes and products, combined with GCC banks’ corporate-focused business, will help maintain
sound efficiency, with average cost-to-income at 37%.

EXHIBIT 14
GCC banks’ margins will narrow (net gross yields and cost of funding)

Cost of Funds Asset Yield Net Interest Margin

6%

5%

4%

3%

2%

1%

0%

UAE Kuwait Qatar Saudi Arabia Oman Bahrain

Note: 2019 is year-to-date

Source: Moody’s Investors Service

Gulf Cooperation Council - Banks: 2020 Outlook 23

5 Funding and liquidity
Strong funding is anchored by low cost, stable deposits

» GCC banks benefit from ample stable deposits, much of which is government-related. Deposits are mostly domestic and fund 65% of
banking assets in aggregate.
» Continued international debt issuances by GCC sovereigns will support domestic deposit flows, and credit growth will remain low,
keeping demand for funds subdued.
» Loan-to-deposit ratios at Qatari banks will remain weak at around 118%.
» In Oman, banks’ loan expansion continues to outpace deposit collection.

EXHIBIT 15
GCC banks’ have healthy loan-to-deposit ratios ( % deposit growth since 2014 )

20% Loans growth Deposit growth Loans % Deposits (rhs)

140%
15%
120%

10% 100%

80%
5%
60%
0%
40%
-5%
20%

-10% 0%

UAE Kuwait Qatar Saudi Arabia Oman Bahrain

Source: Moody’s Investors Service

Gulf Cooperation Council - Banks: 2020 Outlook 25

Banks in Qatar and Bahrain rely heavily on foreign funding

» Qatari banks’ reliance on foreign funding remains high (at 34% of liabilities) and is climbing, after a sharp decline in 2017, because the
flow of domestic deposit remains sluggish.
» Bahrain has the highest level of foreign debt in the GCC at 46% of liabilities as a result of its large offshore banking sector. It runs the
risk of having to liquidate foreign assets at a loss in times of stress to meet withdrawals of foreign deposits or interbank borrowings.

EXHIBIT 16
Foreign liabilities of commercial banks as a % of total liabilities

2016 2017 2018 2019 (latest)

50% 46% 46% 45% 46%
45%
40%
35%
34%
35% 31%
30% 27%
25% 23% 22% 22% 22%

20%
15% 12% 12% 12% 13%
9% 9% 10%
10% 7% 6%
5% 4% 4%
5%
0%
UAE Kuwait Qatar Saudi Arabia Oman Bahrain

Source: Moody’s Investors Service

Gulf Cooperation Council - Banks: 2020 Outlook 26

Liquid assets will remain substantial

» GCC banks will continue to hold solid liquidity buffers with most systems showing considerable excess liquidity. Omani banks’ liquidity
buffers are the weakest and we expect them to remain low.
» Increasing availability of high quality liquid assets in the form of government bonds and sukuk will support banks’ already ample
liquidity cushions.
» Banks will continue to exhibit Basel III Liquidity Coverage Ratios1 averaging 150%-200%.
» Oman and Qatari banks have lower liquidity buffers than the other GCC systems because credit demand has been stronger than
deposit growth.

EXHIBIT 17
GCC banks’ liquidity buffers will stay high ( liquid assets as % of tangible banking assets )

2013 2014 2015 2016 2017 2018 2019 (latest)

40%
35%
30%
25%
20%
15%
10%
5%
0%
22
UAE KUWAIT QATAR SAUDI ARABIA OMAN BAHRAIN
Source: Central Banks, Moody’s Investors Service

1 The Liquidity Coverage Ratio requires banks to hold sufficient high-quality liquid assets to fund cash outflows for 30 days
2 Moody’s forecast for Saudi Arabia 2019 ratio

Gulf Cooperation Council - Banks: 2020 Outlook 27

6 Government support
Government support remains high to very high

» The willingness of GCC governments to support banks in a crisis remains high to very high and their capacity to support is strong, due
to large sovereign wealth funds. The smaller GCC economies, Oman and Bahrain, are exceptions given their own fiscal pressures.
» Bank resolution regimes are not yet in place but under consideration in Saudi Arabia.

EXHIBIT 18
GCC governments have ample resources to support their banking systems ( government debt/resources to GDP and banking system size to GDP )

UAE Kuwait Qatar Saudi Arabia Oman Bahrain

500%
Government Resources / GDP

156%
400%

300%

200% 204%
181%
100%
81% 108%
0% 229%

-100%
0% 20% 40% 60% 80% 100% 120%
General Government Debt / GDP

Sources: Moody’s Investors Service, central banks, IMF

Circle size = banking sector size relative to GDP

Gulf Cooperation Council - Banks: 2020 Outlook 29

Six Global Credit Themes Summary
Moody’s related publications
Banking System Outlooks:
» UAE: Resilient credit profiles amid subdued economy drive stable outlook, 6 November 2019
» Oman: Weakening in loan quality and government support capacity drive our negative outlook, 30 September 2019
» Qatar: Stable operating environment and sound bank fundamentals drive our stable outlook, 23 September 2019
» Bahrain: Higher economic growth and GCC support underpin our stable outlook, 29 May 2019
» Saudi Arabia: Government spending plans and stabilizing loan quality drive our stable outlook, 12 March 2019
» Kuwait: Government spending and solid loss absorbing buffers drive our stable outlook, 12 March 2019

Sector In-Depth:
» GCC asset managers benefit from economic diversification, foreign investment, 17 September 2019
» Gulf Cooperation Council: Consolidation among GCC banks will boost profitability, 15 January 2019

Sector Comment:

» United Arab Emirates banks' profitability will diminish owing to lower interest rates, 20 September 2019
» Bahrain's endorsement of open banking is credit positive, 22 July 2019
» Omani banks' asset quality is steadily weakening, 11 March 2019

Gulf Cooperation Council - Banks: 2020 Outlook 31

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