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GCC banks looking good
- Saudi Arabia: Sunday, June 10 - 2007 at 07:35
International ratings agency Standard and Poor's has said that banks in the region are recovering well from last year's stock market slump which saw profits decline sharply, reported Gulf News. The agency pointed to the strong asset quality of banks in Saudi Arabia which has improved due to a 'strong economic environment and conservative provisioning policies'. Regional banks also enjoy heavy sovereign support which aids their stability.
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Jonathan Sheikh-Miller, Deputy EditorSunday, June 10 - 2007 at 07:35 UAE local time (GMT+4)
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This article was updated on Sat Jun 16 2007.
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