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Gulf Cooperation Council banks are returning to form after a strong first half of 2022, with earnings for most of them reaching almost pre-pandemic levels by the end of the year, according to S&P Global Ratings.  This optimism is spurred by high oil prices, rising interest rates, supporting the banks' creditworthiness, along with new public-sector-backed projects.  GCC banks face a less certain 2023, with expectations of lower oil prices and risks to economic growth in the US and Europe.

GCC banks returning to pre-COVID-19 levels amid higher oil prices: S&P Global

Gulf Cooperation Council banks are returning to form after a strong first half of 2022, with earnings for most of them reaching almost pre-pandemic levels by the end of the year, according to S&P Global Ratings.  This optimism is spurred by high oil prices, rising interest rates, supporting the banks’ creditworthiness, along with new public-sector-backed projects.  GCC banks face a less certain 2023, with expectations of lower oil prices and risks to economic growth in the US and Europe.

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