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FINANCIAL NEWS
Saudi banks report USD2.47b profits in Q1: SAMA
06 May 2013
(MENAFN) The Saudi Arabian Monetary Agency (SAMA) stated that first-quarter net profits of the country’s banks reached around USD2.47 billion, reported Emirates 24/7.
The central bank added that in March, profits of these banks stood at USD812 million, up from USD796 million in February, and compared with January’s USD865.4 million.
SAMA said that the Kingdom’s banks, which have the second largest asset base in the Arab world after UAE banks, posted a rise of 8.4 percent in their 2012’s profits that stood at USD8.92 billion.
It is worth noting that at the end of last year, total assets of Saudi Arabia’s 12 banks stood at USD463.3 billion.
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