Saudi banks’ profits fall 3.2%

Profits in the Saudi banking sector dropped 3.2 per cent in the second quarter of this year compared to the same period last year, the Anadolu Agency reported yesterday.

Profits this year were reported to be 11.7 billion Saudi riyals ($3.13 billion) compared to 12 billion riyals ($3.2 billion) in the same period last year, Turkey’s Anadolu news agency reported Thursday.

Saudi Arabia has 12 domestic banks and 12 foreign banks.