Monday 25 January 2016

Saudi banks to face further downward pressure on profits | GulfNews.com

Saudi banks to face further downward pressure on profits | GulfNews.com:

"The fourth-quarter results of leading Saudi banks show a number of these institutions are facing a squeeze on profits as both loans and deposits decline and asset quality deteriorates further.

At the close of the fourth quarter, Saudi Hollandi Bank, the kingdom’s oldest lender, reported a 2.3 per cent fall in fourth-quarter net profit on higher staffing costs and provisions for bad loans.

Saudi British Bank (SABB), an affiliate of HSBC Holdings, posted a 3.1 per cent drop in fourth-quarter net profit and Riyad Bank, Saudi Arabia’s fourth-largest lender by assets, posted a 19.7 per cent fall in fourth-quarter net profit, in line with analysts’ forecasts as Samba Financial Group, the kingdom’s third-largest bank by assets, reported flat net profit for the fourth quarter."



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