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Saudi lenders to post higher Q3 income on property, petchem projects:report
- Saudi Arabia: Wednesday, October 03 - 2012 at 02:08
Riyad Capital, the investment arm of Saudi lender Riyad Bank, has said banks in the kingdom are set to report higher third-quarter profit, after they extended loans to real estate and petrochemical projects, and helped arrange record Islamic bond sales, Bloomberg has reported. Net income at the 10 biggest banks in the world's top oil supplier probably advanced 12% in the three months, Riyad Capital said in a report on September 29. Loans to private businesses grew the most in more than three years in August, while issuers including Saudi British Bank and food producer Almarai sold a record $8bn of debt this year. Arqaam Capital said Saudi banks are expected to post 8.7% profit growth in the quarter, exceeding 5.4% for lenders in Qatar, 1.3% in the UAE and a decline of 3.5% in Kuwait.
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