RIYADH: 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, the agency said.
In the first half, margins slightly improved in most systems.
Saudi and Kuwaiti banks showed the…