VOL. XLII

No. 09

1-March-1999

SAUDI ARABIA

Saudi Banks 1998 Profits Still Buoyant

Despite numerous prognoses that Saudi banks 1998 financialresults would reveal tangible signs of persistent low oil prices and globalfinancial turmoil, the Kingdoms domestic commercial banks have reported veryhealthy profit increases for 1998.Riyad Bank recorded net (unaudited)profits of SR1,033mn ($275mn), a 6% increase over 1997, Sambas results showedan increase in net profits of 13.8% over 1997 to reach SR1,186mn...