Dubai: Sharp decline in both interest and non-interest incomes for Saudi banks in the fourth quarter saw the over all profit growth moderate. However the strong performance of the sector in the first three quarters of the year saw the banking sector profit growth averaging above 10 per cent.
In absolute terms the National Commercial Bank (NCB) registered the highest profits at 8.66 billion riyals, up 10.23 per cent in 2014 compared to 7.85 billion riyals in 2013. Al-Rajhi Bank was the second biggest profit maker of the sector at 6.83 billion riyals in 2014 compared to 7.44 billion riyals in 2913, down 8.09 per cent. Profits of Samba Financial Group (SFG) rose by 11.11 per cent to SR5.01 billion in 2014, compared to 4.51 billion riyals in the previous year.
Riyad Bank’s profits were up 10.26 per cent at 4.35 billion riyals. Saudi British Bank (SABB) reported 4.26 billion riyals compared to 3.77 billion riyals in 2013.
In terms of profit growth, Banque Saudi Fransi (BSF) topped the listed banks on Saudi bourse with 46.13 per cent profit growth form 2.4 billion riyals in 2013 to 3.51 billion riyals last year While Arab National Bank (ANB) reported 2.87 billion riyals, up 14 per cent, Saudi Hollandi Bank (SHB) Saudi Investment Bank reported 1.82 billion riyals and 1.43 billion riyals, up 21.3 per cent and 12 per cent respectively.
