Saudi Arabia: Profits of banks decline
According to official data, the assets of the Saudi Arabian Monetary Agency (SAMA) at the end of November 2009 amounted to SR1,504 billion, a drop of about SR11 billion, compared with October 2009. The data shows that SAMA's deposits with banks abroad reached SR268.9 billion, and its share of foreign securities amounted to SR1075 billion.
Meanwhile, the profits of Saudi banks for November 2009 reached SR1.75 billion, down 22% over the same period of 2008, which amounted to SR2.23 billion. The total earnings of the banks during the first 11 months of this year, a decline of about 10% compared to the same period last year to hit SR27.15 billion, compared with more than SR30 billion in the same period of 2008.