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Saudi banks profit rises to SR 6 billion

Saudi banks profit rises to SR 6 billion
4 Apr
E-Media:
Saudi banks collected profits of last January and February Increased to SR 6 billion compared to SR 5.2 billion during the corresponding months of the last year, 2008.
Banks benefited from lower financing costs and attracted liquidity, according to statistical data announced by the Saudi Arabian Monetary Agency.
The last quarter of 2008 decrease in profit  was due to construction of large allocations, and precautionary measures taken against the effects of global crisis to cope with any credit losses could arise.
 The Agency, according to "Al-Riyadh" newspaper, proceeded at the end of last year to provide liquidity appropriate to Saudi banking system, and help to increase its capacity to meet the local demand for credit, and stop the acceleration of interest rates between banks, in addition to pumping and depositing SR & US $ currencies to expand the size of deposits proportion to loans which gave banks greater ability to lend.
The data for February 2009 showed a slowdown in bank lending to the private sector, amounted to SR 730.6 billion compared to SR 729.4 billion last January by a slight increase amounting to 0.16%.
According to declared data, SAMA's investment in securities abroad during February 2009 amounted to nearly SR 1122 billion compared with 1154 billion in January. Deposits in abroad banks went down to SR 353.2 billion compared with 352.5 billion last January.
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