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FINANCIAL NEWS
Saudi banks’ Jan-Feb earnings grow by USD1.78b
23 Apr 2012
(MENAFN) Saudi Arabian Monetary Agency (SAMA) said that in 2012’s first 2 months, the country’s 12 commercial banks earned around USD1.78 billion, reported Emirates 24/7.
The central bank added that banks’ claims on the private sector grew from USD228.79 billion at the end of last year to USD235.64 billion.
It also said that banks’ foreign assets also jumped to USD58.51 billion at the end of February from USD55.63 billion at the end of 2011.
It is worth noting that the increase in earnings resulted from a rise in local credit since banks are slowing down their bad debt provision upsurge and benefiting of the surge in public sector projects.
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