The Gulf Banking statistics for February show that Qatari Banks had the highest lending growth rate for February. While lending is increasing it is still at a cautiously slow rate according to comments in a Sico Report.
However the main banks in the UAE, Kuwait, Saudi and Qatar did all show an increase for February and Bahrain was the only one that showed a decrease in lending.
In Qatar the increase was an improvement of 5.1% which was actually a significant increase from the figure of 0.7% which was cited for January. In Saudi Arabia the increase was much more modest being an increase of just 0.4% from the January figure bringing the lending figure to 0.6% for February.
Analysts say while lending growth rates are showing an increase it is going to remain at a trickle level for some time yet as there is still largely a lack of confidence remaining in the sector as a whole.
Qatar Banks recorded the highest growth rate and this was largely due to public sector borrowings which are up by 13.8%.
Credit growth rates in the UAE was just 0.2% and in Kuwait it was even less significant coming in at just about 0.1% while once again Bahrain saw a decline of 1.7%Paul Holdsworth, Staff Writer, Gulf Jobs Market News