"Saudi banks are forecast to boost their net profits to the highest level in 2013 amid sharp recovery in domestic credit, Jadwa Investments said in a study.
Credit to the private sector by the Kingdom’s 12 commercial banks surged by nearly 16.5 percent in May to extend a boom in lending after near zero growth in the aftermath of the 2008 fiscal turmoil and the ensuing debt default crisis in the Kingdom, it said.
“The expansion in credit and low funding costs continue to contribute to a pick-up in bank profits,” it said, adding that in May, banks recorded a profit of SR3.2 billion, 11 percent high than in May last year, taking the year-to-May profit to SR15.7 billion."
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