Saudis boost bank balances despite pandemic

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London

Saudi bank deposits edged up in the second quarter compared to a year earlier according to a report from KPMG. Deposits rose 3 percent to $496.5 billion compared to the year-earlier period despite mounting pandemic-related pressures elsewhere in the banking system.
The Saudi banking sector reported an average increase of 41.4 percent in expected credit losses for the three-month period ended June 30, 2020, to $2.293 billion, KPMG said. Still, the injection of $19.467 billion into the Kingdom’s banks by the regulator helped to improve the financial position of lenders in Saudi Arabia.—AN

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