ArabianBusiness.com - Middle East Business News
Saturday, 21 November 2009 12:53 UAE time

YOUR DIRECTORY /

| Share |

Saudi banks profits 6.2% in Jul-Aug - cbank

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Monday, 05 October 2009
(Getty Images)
(Getty Images)

Profits generated by Saudi commercial banks, including the 11 listed ones, fell 6.2 percent in the July-August period, central bank data showed on Monday.

Excluding branches abroad, Saudi banks made a profit of 5.33 billion riyals during ($1.42 billion) in the period, according to the Saudi Arabian Monetary Agency's (SAMA) website.

SAMA did not indicate if the data related to net profit and described it only as cumulative profit. Saudi-listed firms were due to start publishing third-quarter earnings this month.

The SAMA data showed that cumulative profit of Saudi banks stood at 8.25 billion riyals in the first quarter of 2009, 7.92 billion in the second quarter.

Story continues below ↓
advertisement

For the third quarter of last year, Saudi banks - including non-listed National Commercial Bank - made a net profit of about 6.9 billion riyals, according to Reuters calculations.

Many Saudi banks posted lower net profit during the second quarter, mainly due to exposure to troubled conglomerates Saad Group and Ahmad Hamad Algosaibi and Bros Co.

Morgan Stanley said last week that Saudi Arabian banks' third-quarter net income would be under pressure due to the higher amount of money banks set aside to cover bad loans and on subdued fee income. (Reuters)

| Share |


READERS' COMMENTS

Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.

Click here to post a comment


Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments


Please click post only once - your comment will not be published immediately.


MORE FROM ARABIANBUSINESS.COM

TOP IN MIDDLE EAST BANKING & FINANCE

  1. More UAE bank mergers predicted in 2010 - Ethos
  2. UAE banks' Saad, Algosaibi exposure seen at $2.9bn
  3. Saudi banks' non-performing loans to rise - S&P
  4. Any Gulf bank mergers to focus on Kuwait, UAE - S&P
  5. UAE banks set aside AED4bn for bad loans in Q3

TOP MIDDLE EAST BUSINESS STORIES

  1. Qatar to sign $25bn mega railway deal on Sunday - report
  2. Dubai replaces head of DIFC
  3. UAE nuclear deal seen in next few weeks
  4. UAE will not drop US dollar peg – cenbank chief
  5. Dubai plans start-up help for expat entrepreneurs

ALSO IN MIDDLE EAST BANKING & FINANCE

  1. Dubai replaces head of DIFC
  2. Islamic finance steps up
  3. Tamweel, Amlak merger seen in Q1 2010
  4. Regional private equity industry shake-out and consolidation has already begun
  5. SocGen opens wealth management office Bahrain

LATEST MIDDLE EAST BUSINESS NEWS

  1. Transportation: Qatar to sign $25bn mega railway deal on Sunday - report
  2. Media & Marketing: UAE bags communication award
  3. Culture & Society: High quality services for UAE pilgrims in Medina
  4. Energy: UAE nuclear deal seen in next few weeks
  5. Banking & Finance: Dubai replaces head of DIFC

SHARE PRICE CHECK

RELATED STORIES

Ahmad Hamad Algosaibi & Bros
| 49 stories
  1. UAE banks' Saad, Algosaibi exposure seen at $2.9bn
    19 Nov '09 | News
  2. Big Kuwait, Bahrain banks Q3 profits sag on Saudi loans
    25 Oct '09 | News
  3. Doubts persist after Saudi banks book more provisions
    24 Oct '09 | News
National Commercial Bank
| 33 stories
  1. National Commercial Bank launches online banking
    17 Oct '09 | News
  2. Saudi Mobily refinances SR1.5bn Islamic loan
    11 Oct '09 | News
Saad Group
| 62 stories
  1. UAE banks' Saad, Algosaibi exposure seen at $2.9bn
    19 Nov '09 | News
  2. Big Kuwait, Bahrain banks Q3 profits sag on Saudi loans
    25 Oct '09 | News
  3. Doubts persist after Saudi banks book more provisions
    24 Oct '09 | News
Saudi Arabian Monetary Agency (SAMA)
| 87 stories
  1. No Saudi interest rate change in Q3 - central bank
    3 Nov '09 | News
  2. Saudi Arabia calls for strict banking regulations
    2 Nov '09 | News
  3. Gulf economies seen recovering faster than others
    1 Nov '09 | News

RELATED LINKS

  1. Ahmad Hamad Algosaibi & Bros»
  2. National Commercial Bank»
  3. Saudi Arabian Monetary Agency (SAMA)»
Related links open in a new window and are not endorsed by ArabianBusiness.com.

 EMAIL ALERTS

  1. Ahmad Hamad Algosaibi & Bros

  2. National Commercial Bank

  3. Saad Group

  4. Saudi Arabian Monetary Agency (SAMA)

  5. Banking & Finance


CURRENCY CONVERTOR

Tell us your story

UPCOMING ISSUE


 

READER COMMENTS

  1. Somali pirates free UAE-owned cargo ship 02
    21 Nov ' 09 at 07:58
    In the old days pirate ships were blown out of the water as soon as spotted.Now they have to wait until they attack a ship and then...   More  »
  2. UAE announces Eid and National Day holidays 01
    20 Nov ' 09 at 15:56
    Eid and National Day are two great occassions and very close to each other. It would be a great act for the UAE authorities to extend...   More  »
  3. Where have all the optimists gone? 01
    20 Nov ' 09 at 16:54
    Dubai unfortunate is not more in fashion, the bubble was big , the growing went fast and the down turn even faster.Many of my clients...   More  »

Read all user comments >

Gitex 2009

MORE FROM ARABIANBUSINESS.COM

JOBS

SPECIAL REPORTS

SURVEYS & REPORTS

PROPERTY