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Saudi banks post SR15bn net profit in 5 months

According to figures by the Saudi Arabian Monetary Agency (Sama), banks in the kingdom have made over SR15bn in net profit in the first five months of this year, as lending continued to pick up and allow them to net one of their highest incomes through the year, Saudi Gazette has reported. The banks earned SR3.46bn in January, SR3.1bn in February and SR2.6bn in March, a quarterly income of nearly SR9.3bn. The profits stood at around SR3.1bn in April and nearly SR2.9bn in May, the data showed. Analysts expect the full-year net profits of the country's 12 commercial banks to exceed SR30bn and the level could be the highest since the 2006 record income, the report said.