Banks in Saudi Arabia have posted a 17.3 percent increase on net profit in the last quarter of last year, bucking the international banking trend for losses, it was reported on Saturday.
A report from the Saudi Arabian Monetary Authority (SAMA) said the country’s commercial banks overall profit increase was worth SR4.4bn – up from SR25.5bn in Q4 2007 to SR29.9bn in Q4 2008 - despite the global economic crisis.
However, the report said the banks witnessed a 1.1 percent drop in annual average growth rate, according to UAE daily Gulf News.
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