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FINANCIAL NEWS
Saudi banks’ profits at USD4.11b in Jan-May: CB
05 Jul 2012
(MENAFN) The Saudi Arabian Monetary Agency (SAMA) stated that during 2012’s first 5 months, profits of Saudi banks stood at USD4.11 billion, reported Emirates 24/7.
The central bank added that on average, the country’s 12 commercial banks netted over USD800 million on a monthly basis.
SAMA said that banks’ claims on the private sector during the January-May period rose by 6.7 percent, whereas month-on-month growth was nearly 1.2 percent.
Moreover, banks’ claims in May jumped by 12.9 percent from a year earlier.
At the end of February, combined assets of Saudi banks reached USD423 billion, the second-largest in the Arab world.
It is worth noting that in 2011, Saudi banks’ net profits reached around USD8.23 billion.
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