Top Saudi banks post double digit net income growth in third quarter | GulfNews.com:
"Leading Saudi Arabia based banks reported double-digit growth in net profits in the third quarter of 2014.
While Banque Saudi Fransi (BSF), Arab National Bank (ANB) and Saudi British Bank (SABB) delivered more than 20 per cent year on year net income growth in the quarter, Samba, Riyad Bank and Saudi Hollandi Bank (SHB) saw high-single digit growth. Al Rajhi lagged peers with year-on-year contraction in both net-interest income and net income levels, according to first-quarter numbers compiled by Shuaa Capital.
“For the seven banks we cover, net income was 4 per cent below consensus on aggregate. However, net income growth accelerated to 12 per cent year on year compared to 7 per cent year on year in the second quarter of 2014 on the back of NIM [net interest margin] resilience, double-digit non-interest income growth and sharp provision declines,” wrote Suha Urgan and Taher Safieddine, analysts at Shuaa Capital in a recent note."
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