Saudi Arabia's local commercial banks posted a 17.3 per cent increase (4.4 billion riyals) in net profit in the last quarter of 2008 while almost all the leading international banks incurred huge losses amid the global financial crisis.
According to the latest report by the Saudi Arabian Monitory Agency (Sama) - the central bank in the Kingdom - banks recorded a net profit of 29.9 billion riyals in the fourth quarter of last year compared with 25.5 billion riyals in the same period of the previous year.
At the same time, they witnessed an 1.1 per cent decline in the average annual growth rate.
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