Saudi banks continue to post solid profits while implementing prudent strategies, says S&P report - bi-me.com

Saudi commercial banks continue to rank among the world's most profitable banks, said Standard & Poor's Ratings Services in a report published today titled 'Solid Profits And Prudent Strategies Help Cushion Saudi Banks Against Pockets Of Risk.'

'Through a unique combination of supportive features, the Saudi banks we rate continue to demonstrate their ability to generate solid, sustainable core earnings, in turn fuelling high profits,' said Standard & Poor's credit analyst Nicolas Hardy. 'Prospects for sound earnings and profits are bright.'

These banks operate in a potentially volatile but favorable environment, with high oil prices and vast spending plans under the aegis of the Saudi government (Kingdom of Saudi Arabia; AA-/Stable/A-1+).

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