Saudi banking revenues reviewed
A recent report appearing in Al-Riyadh newspaper has revealed that the Saudi Al-Jazira Bank recorded a net operating income of SR 52.1 million in 2000, compared with SR 37 million in 1999. These figures translate into a 41 percent rise. The value of the bank's total assets increased from SR 4.974 million to SR 5.221 million during the same period, while customer deposits rose from SR 2.769 million to SR 3.540.
According to the report, total profits of the Saudi American Bank (SAMBA) hit a peak record of SR 2,005 million by the end of 2000—reflecting a 65.10 percent rise compared with the previous year. As a result, the earning per share of SAMBA grew from SR 22.7 in 1999 to SR 25.06 in 2000.
In addition, the Chairman of the Board of the National Commercial Bank, Abdullah Bahamdan, reported that the bank's operating revenues had grown to SR 67.1 million in 2000, up from SR 54.1 million in the previous year. The chairman added, that the bank allocated SR 3.3 billion toward the covering of bad debts in 1999. — (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)