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Combined 9-month net income posted by Saudi lenders hit SR29bn

The total net profits of Saudi Arabia’s 12 banks grew 7.8% in the first nine months of the current year to SR29bn, compared with SR27bn in the same period last year, Arab News has reported. Profits of the National Commercial Bank (NCB) were the highest during the period, which rose by 20% to SR6.05bon from SR5.04bn, due to the growth of financing and investment products and income generated from bank service fees.