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FinancialNews
11-08-21
Saudi banks announce improved financial results in as sign of economic recovery
(MENAFN)Saudi banks announced increased financial results in a sign of economic recovery after a fall amid the COVID-19 pandemic.
Saudi banks announced a net profit of SR11.06 billion (USD2.94 billion), in the second three months of the current year.
Based to its filings, the Saudi British Bank (SABB) witnessed the highest value among nine Saudi banks that reported an improvement in their quarterly incomes. The Arab National Bank, however, was the only bank that announced a drop in its net income in the second quarter.
SABB stood at a net profit of SR919 million in the second three months of 2021 in comparison to a net loss of SR6.86 billion in the stated period in last year due to a lower provision for estimated credit losses and total operating expenses.
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