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FINANCIAL NEWS
Earnings of Saudi banks reach USD2.47b in Q1: CB
06 Jun 2012
(MENAFN) The Saudi Arabian Monetary Agency (Sama) stated that during the first quarter, earnings of Saudi banks reached around USD2.47 billion, reported Emirates 24/7.
The central bank added that in April, Saudi’s 12 commercial banks earned nearly USD826 million, taking total earnings in the first 4 months of 2012 to USD3.33 billion.
It said that in April, banks’ claims on the private sector jumped by 13.3 percent on a yearly basis, compared with a rise of 10.5 percent in 2011, whereas lending in 2010 went up by around 5.5 percent and stayed flat in the previous year.
It is worth noting that the central bank attributed the increase in banks’ earnings to a rise in domestic credit, since banks are reducing their bad debt provision and benefiting from the economic expansion and the increase in public sector projects.
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