By Mohammed Idries
Riyadh-Mubasher: Combined earnings recorded by Saudi banks from the retail and corporate segments reached SAR 22.8 billion during the first nine months of 2015, a rise of 8% compared with SAR 21.1 billion a year earlier.
Total earnings from the retail segment declined 8% year-on-year to SAR 7.1 billion, hurt by Riyad Bank whose profits from same retail segment dropped 87% or SAR 826.1 million. When excluding Riyad’s retail earnings, combined profits will rise 3%.
Bank AlJazira narrowed its losses in the same segment to SAR 16.7 million. Meanwhile, Al-Rajhi and National Commercial Bank (NCB) increased their retail earnings by SAR 275.2 million and SAR 241.5 million in a row.
Total earnings from the corporate segment grew 18% year-on-year to SAR 15.8 billion, boosted by Riyad Bank whose profits from the same segment climbed 29% (SAR 2.7 billion). Al-Rajhi’s corporate earnings also increased 17% (SAR 397.2 billion).
NCB’s earnings from the corporate segment declined 10% (SAR 279.8 million).
Translated by Abdul Maguid Aboshahla
