Saudi Banks Earn $10 Bn in 9 Months

      Published on Saturday, 17 November , 2018      179 Views     
Saudi Banks Earn $10 Bn in 9 Months


Saudi banks listed in the local financial market posted huge profits of $10.05 billion in the first nine months of 2018, according to financial results.



Saudi bank profits for the first nine months of this year jumped by 9.9 percent,

compared to the same period last year. This achievement confirms the vitality and strength of the country’s financial sector at a time of fluctuating international oil prices.

According to the financial results, 10 Saudi banks listed on the local financial market announced a new growth in profits for the first nine months of this year with one bank’s growth rate reaching up to 27.9 percent.

Only two banks announced a decline in profits by 2 and 18 percent.

In stock news, the index of the Saudi market closed last week at 7662 points with a decline of 1.05 percent, equivalent to 81 points, compared to the previous week’s levels of 7743 points.

Last week was the deadline for the announcement of financial results of the term ending September 30. The total profit of 165 companies – excluding firms that have different financial years – amounted to $23.7 billion, a 1.04 percent increase compared to the same period last year.

These positive developments come as Saudi revenues during the third quarter of this year grew by 57 percent compared to the same quarter in 2017,



while total revenues from the start of the year till the end of the third quarter amounted to $176.8 billion, registering a growth of 47 percent over the first nine months of 2017.

Keywords:
Category Business | 2018/11/17 latest update at 4:19 PM
Source : AAWSAT | Photocredit : Google
180 Views
Comments Add comment



Gulf Media

Related Articles

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.


Sponsored Publications



Saudi Arabia to host US troops
Saudi Arabia Saudi Arabia news

Saudi Arabia to host US troops

Saudi Arabia’s ruler has approved hosting U.S. armed forces in the Kingdom, the Ministry of Foreign Affairs said on…

European financial major makes Gulf debut with Dubai deal

Kuwait City fifth most traffic-congested GCC city

Indian Embassy publish list of companies to be avoided while seeking employment in Kuwait

Saudi Cabinet decides to allow pilgrims free movement King

Saudi Cabinet decides to allow pilgrims free movement

The Council of Ministers, presided over by the Custodian of the Two Holy Mosques King Salman at Al-Salam…

Custodian of the Two Holy Mosques Chairs Cabinet’s Session King

Custodian of the Two Holy Mosques Chairs Cabinet’s Session

The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chaired the Cabinet’s session at…

Pakistan PM criticized for ‘insulting’ encounter with Saudi Arabia’s King Salman King

Pakistan PM criticized for ‘insulting’ encounter with Saudi Arabia’s King Salman

The prime minister of Pakistan is facing a social media furore for allegedly disrespecting the king of Saudi…

Join efforts to fight terror, King Salman urges Muslim leaders King

Join efforts to fight terror, King Salman urges Muslim leaders

Custodian of the Two Holy Mosques King Salman opened the 14th summit of the Organization of Islamic Cooperation…

GULF TV

Popular in GULF TV

PIRELLI “DREAMING” – THE CAL 2019 making of Full Version | Fashion Channel

2236 Views

A photographic tale of the aspirations of four women and their determination to achieve their goals, each one…

Latest videos in GULF TV

Events

Lifestyle

Culture

Sport

Science & Technology

Government