Home GCCTechnology Bucking the trend: 2024 GCC banking outlook

Bucking the trend: 2024 GCC banking outlook

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Remittances rise by 5%, reveals world bank report

Image credit: Christopher Pike/ Getty Images

The GCC banking sector will remain resilient in 2024, bucking the global trend, amid robust economic growth in the non-oil sectors across the region.

Moody’s projected that GCC banks’ liquidity buffers will stay ample this year and profitability will remain strong in stark contrast to the global market, where profit is expected to plunge on higher funding costs, lower loan growth and loan-loss provisioning needs.

Banks in the Gulf region have weathered several storms in recent years from…

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