Saudi Arabia’s banks earned nearly SR15.72 billion in the first half of 2011 and the annual profits are expected to be higher than in 2010 because of credit recovery and lower provisions, according to official data.
The Gulf kingdom’s 12 commercial banks netted nearly SR2.6 billion in June alone and around SR2.9 billion in May, bring their total second quarter net income to about SR8.1 billion, higher than their first quarter profits of SR7.6 billion, the Saudi Arabian Monetary Agency (WAMA) said in its monthly report.
The report covered all banks in the world’s top oil supplier, including the non-listed National Commercial Bank (NCB), the country’s largest bank.
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