Monthly profits in Saudi banking sector surge by 16pct
07 Mar 2017
(MENAFN) The Saudi banking sector’s monthly income recovered in Jan of this year after the decline in Dec, 2016.
Accordingly, the sector is benefiting from re-pricing of assets given the higher benchmark rates on a year-on-year basis.
In addition, credit growth to the private sector is projected to remain subdued after growing at the slowest annual pace in 7 years amid 2016.
Furthermore, the aggregate banking sector profit surged 16 percent in Jan to reach USD1.16bn, the highest monthly profit ever reported.