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The top 5 Saudi banks face pressure on profitability
10/08/2017
Trend Press / Agencies
Moody's, the credit rating agency, said the top five Saudi banks may face pressure on their profitability due to the rationalization of government spending.
The impact on banks could extend until 2018, as a result of rational spending that could limit the demand for loans by companies, as well as the ability of companies and borrowers to repay debts, the agency said in a report released on Wednesday.
The five banks are: National Commercial Bank (the largest bank by assets), Al Rajhi Bank, Samba Financial Group, Riyad Bank (the largest bank in terms of capital) and Banque Saudi Fransi.
The profits of Saudi banks fell in the first six months of 2017 due to the allocation of additional provisions, in order to hedge future risks due to the impact of economic conditions resulting from the fall in oil prices.
Saudi Arabia, the world's largest oil exporter, has suffered a sharp fall in its fiscal revenues since the second half of 2014, driven by falling crude oil prices, prompting austerity measures.
http://aletejahtv.org/permalink/176254.html
10/08/2017
Trend Press / Agencies
Moody's, the credit rating agency, said the top five Saudi banks may face pressure on their profitability due to the rationalization of government spending.
The impact on banks could extend until 2018, as a result of rational spending that could limit the demand for loans by companies, as well as the ability of companies and borrowers to repay debts, the agency said in a report released on Wednesday.
The five banks are: National Commercial Bank (the largest bank by assets), Al Rajhi Bank, Samba Financial Group, Riyad Bank (the largest bank in terms of capital) and Banque Saudi Fransi.
The profits of Saudi banks fell in the first six months of 2017 due to the allocation of additional provisions, in order to hedge future risks due to the impact of economic conditions resulting from the fall in oil prices.
Saudi Arabia, the world's largest oil exporter, has suffered a sharp fall in its fiscal revenues since the second half of 2014, driven by falling crude oil prices, prompting austerity measures.
http://aletejahtv.org/permalink/176254.html
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