Saudi Arabia banks see consolidated profits rise 86% in December

The consolidated profits of banks operating in Saudi Arabia rose 86 percent to SAR 2.95 billion in December 2014 compared to SAR 1.59 billion for the same month last year, according to the central bank’s monthly newsletter.

The banks recorded SAR 40.16 billion in profit for 2014, a 12 percent increase than the previous year, which amounted to about SAR 35.7 billion. 

The earnings included the results of 12 bourse-listed Saudi banks and the 11 foreign banks operating in the kingdom.

The consolidated balance sheet of Saudi banks showed a 13 percent increase in assets reaching SAR 2,133 billion by the end of December 2014.

Deposits increased 12 percent to SAR 1,576 billion and loan portfolios grew 12 percent reaching SAR 1,256 billion.