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Al-Rajhi, NCB account for 41% of KSA banking sector's profitability
- Saudi Arabia: Tuesday, February 19 - 2013 at 03:53
According to a report by Saudi Arabian Monetary Agency (Sama), Saudi banks have opened 44 branches in various regions of the kingdom by the end of 2012, raising the total number of branches to 1,696 from 1,652 as at the end of 2011, Arab News has reported. The country's 12 major banks generated a total profit of SR35.1bn in 2012, reflecting a year-on-year growth of 11.02%. Al-Rajhi Bank and the National Commercial Bank (NCB) represented nearly 41% of the consolidated net profit. Both banks' profitability rose around 7%.
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