The purpose of this study is two-fold. Firstly, it attempts to examine the impact of ownership structure on credit risk. Secondly, it analyses the effect of macro-economic factors in the Gulf Cooperation Council (GCC) countries. The data was analysed using the panel data regression for both listed GCC Islamic and conventional banks for the period of 2011-2016 for 312 bank-year observations. The results revealed that foreign ownership and state ownership are significantly and negatively associated with specific loan loss provisions (LLP). It could be inferred that expertise of foreign-owned banks, as well as government support of state-owned banks, lead to a decrease in LLP. Moreover, family ownership and non-performing loans have been found to have a positive relationship with LLP while gross domestic product (GDP), the consumer price index (CPI) and money supply (M2) are insignificantly related to LLP. The most likely explanation of macro-economic results is that LLP are not responsive to the changes in GDP, CPI and M2 in the high-income economy due to low fluctuations in the economy and decisions of the borrowers may not be highly influenced by these factors. These results are confirmed by robustness tests except for state and family ownership which are partially supported in mostmodels.