Feb 14 2012 |
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Saudi banks' profits at 5-year high on lending
JEDDAH - Saudi banks, having the second largest asset base in the Arab region after UAE banks with their combined assets standing at SR1.54 trillion at the end of 2011, earned nearly SR30.9 billion in net last year on account of lower provisions for bad debt and growth in lending.Saudi banks, having the second largest asset base in the Arab region after UAE banks, with their combined assets standing at SR1.54 trillion at the end of 2011.
Credit totaled around SR856 billion and deposits with the banks stood at nearly SR1.1 trillion by the end of the year.
The net earnings by the country's 12 commercial banks were around 18 percent higher than the 2010 income of about SR26.1 billion. Saudi Arabia's netted their highest profits of SR34.6 billion in 2006 before the income slumped to SR30.2 billion in 2007. It continued to decline to reach SR29.9 billion in 2008 and SR26.8 billion in 2009.
Analysts said the 2011 earnings were the highest since 2006 and the second highest level in Kingdom's banking history.
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