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.
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