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  • 17-10-20

    KSA: banks perform better than expected

    (MENAFN) The Deputy Governor for Supervision at the Saudi Arabian Monetary Authority (SAMA), Fahed Al-shathri, made a statement to CNBC Arabia, that Saudi banks' performance is "much better" than neighboring countries, and used their solid financial soundness indicators to back up his statement.

    He said there was an expected increase in non-performing loans (NPLs), because of the Covid-19 pandemic effects, but the impact was less than expected. In addition, SAMA's initiatives have mainly added to alleviating the coronavirus pandemic effect on the private and financial divisions.

    Al-shathri noted that the number of deferred payments for applicants was 87,000 with SAR79 billion (USD21 billion) worth of instalments last week, and a total of 2,700 applicants got more than SAR2.5 billion (less than one million dollars) in loans, under the "Kafalah" program.
    SAMA worked on providing more than 6,700 "Kafaalat", and acquired more than SAR525 million (USD140 million) dues of point-of-sale (POS) and e-commerce transactions, plus SAR160 million (USD43 million) dues for the Kafaalat.

    He concluded that The Saudi central bank is open to new conventional or digital banks, and has already received many applicants that are under the study of SAMA.

    MENAFN1710202000450000ID1100971690

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