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  • 14-03-23

    Boston Consulting Group: Saudi banking field witnesses income raise

    (MENAFN) Saudi Arabia’s banking sector jumped last year on the back of potent income expansion and is set for additional earnings, as mentioned by the Boston Consulting Group.

    Specialist by the US-located company mentioned in a report that the nation’s banking incomes following taxes have surged an average of 7.9 percent a year since 2016 – even though there are massive variations within that time frame because of worldwide events such as the epidemic.

    Last year, the sector registered a 14 percent rise in income in comparison with the prior 12 months.

    Its profitability was because of “the Kingdom’s ambitious Vision 2030 initiative and an economic boom experienced across the Gulf Cooperation Council countries,” as stated by the report.

    "The banking sector in Saudi Arabia is well-positioned for growth in the coming years. The Kingdom's Vision 2030 initiative, along with high energy prices and an increase in tourism, are driving an economic boom in the GCC, and Saudi Arabia is at the forefront of this trend," in line with Markus Massi, managing director and senior partner at BCG.

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