Saudi banks profts fall 12.6% in Oct-Nov

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Profits generated by Saudi commercial banks, including the 11 listed ones, fell 12.6 percent in the October-November period, central bank data showed on Monday ahead of fourth quarter earnings announcements.

Excluding branches abroad, Saudi banks made a profit of SR3.94bn ($1.05bn) during 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 fourth-quarter earnings next month.

The SAMA data showed that cumulative profit of Saudi banks stood at SR8.25bn in the first quarter of 2009, SR7.92bn in the second quarter and SR7.05bn during the third quarter.

For the fourth quarter of last year, Saudi banks -- including non-listed National Commercial Bank (NCB) -- made a net profit of about SR4.4bn, according SAMA's data.

Profits at most Saudi banks have come under presure this year from exposure to some troubled Saudi conglomerates and also to flat credit growth as lenders remained cautious about dealing with corporates due to the global slowdown.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Women edge into Gulf boardrooms as economies, societies shift

Women edge into Gulf boardrooms as economies, societies shift

Amina al-Rustamani, CEO of TECOM Investments, is leading the...

Dubai mulls rule change to lure more domiciled funds

Dubai mulls rule change to lure more domiciled funds

Proposed rules would create a new class of funds in the Dubai...

Gulf's rift over Qatar may slow investment, reforms

Gulf's rift over Qatar may slow investment, reforms

Analysts suggest dispute may not hurt immediately but could impact...

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams