GCC members record 3.3% rise in bank deposits

RIYADH: Member states of the Gulf Cooperation Council witnessed an improvement in their banking sector, as the total bank deposits increased by 3.3 per cent in the first half of 2021, compared to the end of 2020, Arab News reported.

The GCC countries’ total bank deposits reached $1.6 trillion, according to a report released by the GCC Statistical Centre.

Saudi Arabia reported the largest share of the total bank deposits, representing around 33.6 per cent, at $541 billion, up 4.5 per cent from December 2020.

The UAE came next, dominating 32.2 per cent of the GCC’s total bank deposits, followed by Qatar with a share of 16.4 per cent.

The share of other council members accounted for around 17.8 per cent. The commercial banks of the GCC saw a credit growth of 5.2 per cent in June 2021, compared with December 2020, reaching $1.5 trillion.

The growth is attributed to the increase in credit provided by the council’s member countries, except for the UAE that witnessed a slight decrease of 0.1 per cent in the first half of 2021.

Saudi Arabia topped the list with $520 billion credit provided as of June 2021, up 9.5 per cent from December 2020.

The rise was driven by increased consumer spending and corporate activities amid the recovery from the pandemic.

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