Moody's: Saudi banks' first quarter results positive

Moody's: Saudi banks' first quarter results positive

You are now watching the news – Economy – Moody’s: The results of Saudi banks in the first quarter positive In the News – Horizon News Date: Friday, May 18,

The results of Saudi banks in the first quarter of 2018 were positive, as they showed an improvement in net profits in light of the weak activity in the economy, which negatively affected credit, and the decline in demand for lending by 1% in March. Moody’s said in a report that Saudi banks had achieved a 7.5% growth in profits in the first quarter of this year on an annualized basis due to lower interest costs and allocation fees. Moody’s said that interest costs at Saudi banks fell by 12.5% ​​in the first quarter of 2018 on an annualized basis, reflecting the improved financing conditions in the Kingdom following a major tightening in 2016, when lower oil prices and increased domestic debt reduced funding available to Saudi banks .

Moody’s said it did not expect a 2.4% rise in interbank rates in April (the highest level since 2009) to lead to upward pressure on its costs for banks due to the limited growth of credit. Moody’s predicted that Saudi Arabia’s credit costs would not exceed 30% of operating income, although it expected slower growth in the economy and a more conservative saving policy in accordance with IFRS 9, taking into account the average growth in lending volume and coverage Loan losses.

Moody’s: The results of Saudi banks in the first quarter are positive. We do not have a minimum responsibility and you can do this. Read the news from its original location The Economist And you can follow the latest news and news through our website Horizon always by visiting the link “http://www.alufuqnews.com” or by writing “Horizon News” in Google and will be transferred to our site immediately, God willing.

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