Saudi banks post higher-than-expected profits as deposit growth leads in current quarter
Finance professor Abdullah Al-Salloum says Saudi banks have exceeded profit forecasts, with deposit growth outpacing loans this quarter.
Key Takeaways
AIAbdullah Al-Salloum, professor of finance and investment at Imam University, stated that "all Saudi banks that have announced their results so far have reported profits above expectations."
Speaking to Al Ekhbariya TV, Al-Salloum explained that "the current quarter has seen a notable shift, with deposit growth outpacing previous periods, after loans had driven growth in past quarters."
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He added that "the provisions set aside by banks reflect future expectations regarding loan recovery, rather than being a direct response to geopolitical developments in the region."