Saudi banks insulated from Turkish lira turmoil: Talaat Hafez

16/08/2018 Argaam

 

Saudi Arabia's banks will not be impacted by the steep decline in the Turkish lira, whether on earnings or asset quality level, Talaat Hafez, Secretary General of the Media and Banking Awareness Committee of Saudi Banks, said in a statement on Thursday.

 

"In addition to having low lending exposure to the Turkish currency, the Saudi banks also use hedging mechanisms to cushion against currency fluctuations," Hafez added.

 

Tadawul-listed National Commercial Bank (NCB) said that the lira's depreciation will not have a significant impact on its earnings, as its 67.03 percent-owned subsidiary, Turkey Finance represents only 2.7 percent of its total profit, Argaam reported.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.