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Saudi Banks Earn USD11.7b Profits in 2017

Saudi Banks Earn USD11.7b Profits in 2017

Saturday, 20 January, 2018 - 10:30
Asharq Al-Awsat Arabic

Saudi banks approach from achieving net profits of SAR44b (USD11.7b) during 2017. The first nine months of last year show that listed banks made a net profit of SAR34.3b (USD9.1b).

Banks sector in Saudi Arabia is considered a pioneering sector that has witnessed growth in the first nine months profitability compared to year 2016, achieving a growth of 3.2 percent. Following these updates, the Saudi index closed the last week’s trading with a rise of 2.74 percent, 201 points, closing at 7,539 compared to the previous week closure at 7,338 points.

In a step that would increase the depth of local financial market, the Saudi stock market starts on Sunday receiving un-fluctuating buy and sell orders in which the inserted orders would be capable of exceeding the daily fluctuation rate of 10 percent. This step would increase depth of Saudi capital market and the volume of funds surging in the form of buy and sell orders.

In this regards, Saudi Stock Exchange (Tadawul) announced on Thursday that the new adjustment will be applied starting Sunday. These developments coincide with the time when the investment climate in the kingdom has occupied an advanced rank among economies of the world.

The kingdom carried out a record number of reforms in 2017 in an attempt to improve the business climate for the sake of SMEs. This has also been affirmed by the most recent report issued by the World Bank in 2018. According to the report, Saudi Arabia conducted recently six reform procedures, which is the greatest number of reforms in the MENA for this year.

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