VOL. XLIII

No. 04

24-January-2000

GCC

Early Results From Gulf Banks

Ahead of the publication of full accounts and annual reports, five major Gulf banks have reported results for 1999, all of which show an upturn in profits and a healthy exit from the period of low oil prices. Profit growth ranged from 5.7-120%, and in accompanying statements several banks were optimistic about the coming year:

  • Saudi-based Riyad Bank announced profits of SR1,102mn ($294mn) a 7% increase over the SR1,033mn ($275mn)...