Profits at Saudi banks soared during the third quarter as a burst of government spending started to filter through to local lenders.
But the bright picture for the kingdom's banking sector stands in contrast to the gloom facing financial institutions elsewhere in the world, with US and European banks facing sluggish economic growth and bad debts also expected to rise among Chinese lenders.
For banks, the Saudi government's spending package provides a substantial boost, wrote Naresh Bilandani, an analyst at JPMorgan, in a research note.
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