Banks Likely To Post 7-8% Rise In Q114 Profits


News: Q114 profits at publicly traded banks, including Saudi Hollandi Bank and Samba Financial Group, in Saudi Arabia, are expected to rise by 7% year-on-year (y-o-y), according to EFG-Hermes Holding. Riyad Capital, an independent Investment Banking division of Riyad Bank, expects the profits to grow by 8% in Q114. Consumer lending expanded by 21% y-o-y to SAR332bn (US$89bn) in 2013, according to data revealed by the central bank. The stimulus programme implemented by King Abdullah in 2011 is believed to be bearing fruit.

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Geography: Saudi Arabia