Financial and Banking News
Saudi Bank Profits Evaporate
The profitability of the Saudi banking system took a severe beating last year according to the banks' 1985 results, most of which have now been published. The two smallest banks - United Saudi Commercial Bank (USCB) and Saudi Arabian Investment Bank (SAIB) - both declared a loss for the year, while the combined profits of seven other reporting banks dropped by 56% from SR1,467.2mn to SR642.9mn. The sharpest drop...