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Saudi lenders' nine-month net income rose 12.4%
- Saudi Arabia: Thursday, October 25 - 2012 at 03:32
The combined net income of the 12 banks operating in Saudi Arabia has reached SR27bn in the first nine months of 2012, compared with SR24bn in the same period a year ago, Saudi Gazette has reported. Al Rajhi Bank emerged as the biggest earner, netting nearly SR5.97bn in the first nine months of 2012, compared with about SR5.47bn in the first nine months of 2011. Analysts said growth in net profits was a result of a surge in domestic credit, as banks are slowing down their bad debt provision build-up and taking advantage of an upswing in the economy and in public sector projects.
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