Saudi Arabia's banks are expected to perform well in 2009 because of better interest income after a turbulent year as a result of the global financial distress, the Kingdom's largest bank said yesterday.
Balance sheets released by seven of the country's 12 commercial banks for the first quarter of 2009 showed the sector is so far doing well as their earnings leaped by nearly six times over those in the fourth quarter of 2008, the National Commercial Bank (NCB) said in its weekly bulletin, sent to Emirates Business.
NCB, the largest Saudi bank by assets, said 2008 was a challenging year which was also underscored in the fourth quarter as the Kingdom's banking sector pushed ahead with a drive to boost provisions against investment losses.
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