Saudi bank profits plunge 15pc

Riyadh, March 31, 2010

Profits generated by Saudi commercial banks, including the 11 listed ones, fell about 14.8 per cent in the January-February period, central bank data showed on Wednesday ahead of first-quarter earnings announcements.

Excluding branches abroad, Saudi banks made a profit of SR5.16 billion ($1.38 billion) during the first two months of 2010, according to the Saudi Arabian Monetary Agency's (Sama) website.

Sama did not indicate whether the data referred to net profit and described it only as cumulative profit. Saudi-listed firms are due to start publishing first quarter earnings next month. – Reuters

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