RIYADH: Net profits of the Saudi banks reached SR7.1 billion within two month (January-February 2015), according to a financial report.
In 2014, profits of the Saudi banks registered the highest record in the history of banking sector in the Kingdom, which reached SR 40.2 billion. Based on the daily analysis, the Saudi banks posted profits totaling SR420.4 billion in a 23-year period (1992-February 2015).
During this period, the Saudi banks could keep profits rising with the exception of six years. In 1994, profits dropped to SR3.6 billion compared to SR4.3 billion in 1993. Likewise, profits of the banks fell to SR6.4 billion in 1999 compared to SR7.3 billion in 1998. Similarly, profits dropped for four consecutive years (2007, 2008, 2009 and 2010) due to the financial crisis, which was experienced by the whole world, the report said.
Profits of the Saudi banks reached SR34.7 billion in 2006 but, however, dropped in the following four years to SR30.3 billion, SR29.9 billion, SR26.8 billion, and SR26.1 billion, respectively, the report said.
In the last two months of the current year, profits of the Saudi banks rose by 4.3 percent compared to profits of the same period last year, which stood at SR6.8 billion, the report said.
In February 2015, profits of the Saudi banks rose by 2.3 percent (SR3.2 billion) compared to the figures of the same period in 2014, which stood at SR3.1 billion. However, profits of the month fell by 18 percent compared to profits in January 2015, which stood at SR3.9 billion, the report said.
