RIYADH: Member states of the Gulf Cooperation Council witnessed an improvement in their banking sector, as the total bank deposits increased by 3.3 percent in the first half of 2021, compared to the end of 2020.
The GCC countries’ total bank deposits reached $1.6 trillion, according to a report released by the GCC Statistical Center.
Saudi Arabia reported the largest share of the total bank deposits, representing around 33.6 percent, at $541 billion, up 4.5 percent from December 2020.
The UAE came next, dominating 32.2 percent of the GCC’s total bank deposits, followed by Qatar with a share of 16.4 percent.
The share of other council members accounted for around 17.8 percent.
Commercial banks of the GCC saw a credit growth of 5.2 percent in June 2021, compared to 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 percent in the first half of 2021.
Saudi Arabia topped the list with $520 billion credit provided as of June 2021, up 9.5 percent from December 2020.
The rise was driven by increased consumer spending and corporate activities amid the recovery from the pandemic.