Saudi banks said to still be strong despite oil slump | The National

Saudi banks said to still be strong despite oil slump | The National:



"Saudi Arabian banks’ financial cushion and the government’s commitment to keep spending should enable them to weather a prolonged slump in oil prices, even though loan growth is slowing, Saudi British Bank (Sabb) said.

Sabb’s managing director, David Dew, in an interview with Reuters on Sunday, also said he saw no possibility of the government abandoning the riyal’s peg to the dollar.

The economic cost of lower crude prices in a country whose economy depends on oil exports, means Saudi banks will see lending grow at lower levels than the double-digit figures of recent years, Mr Dew said."



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