#Saudi banks face tough few quarters but are well capitalised, say CEOs - Reuters

Saudi banks face tough few quarters but are well capitalised, say CEOs - Reuters:

Saudi Arabia’s banks face a tough few quarters as the coronavirus crisis and weak oil prices put pressure on profitability and loan growth, banking executives told Reuters.

But they said strong capital buffers would help them weather the storm.

“This crisis is not going to be over in a very short period of time,” David Dew, managing director of Saudi British Bank (SABB) (1060.SE), the kingdom’s third-biggest lender by assets, told Reuters.

“The second and probably third quarters will remain challenging and 2020 will be a tough year.”