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Article: Saudi banks may post lower profit on tight lending.
- Article from:
- Saudi Economic Survey
- Article date:
- July 16, 2009
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S audi Arabian banks may report declines in second-quarter profit after they tightened lending rules and increased provisions for bad loans. Net income at the 10 biggest Saudi banks probably dropped by an average of 19%, according to EFG-Hermes Holding SAE, the largest Egyptian investment bank by market value. Dubai-based Al Mal Capital PSC forecasts that profit at the five banks it tracks declined an average of 11%. Saudi banks have been hurt by falling oil prices, which slowed growth in the biggest Arab economy and forced some of the Kingdom's biggest family-owned companies to restructure debts. The International Monetary Fund forecast in May that the Saudi economy would ...