Profits at major Arab banks, particularly those in the oil-rich Gulf states, continue to boom. Third quarter results this year at leading banks indicate that 2005 is likely to significantly exceed the record-breaking profits of 2004.
The latest results show stunning increases, with Q3 net profits up 82% on the previous year at Saudi Arabia’s Al-Rajhi Banking; up 54% at National Bank of Kuwait; up 51% at Saudi British Bank; up 57% at Arab National Bank; up 59% at Kuwait Finance House; and up a whopping 174% at Abu Dhabi Commercial Bank. Most of these banks have already exceeded 2004 profit levels and continuing high oil revenues, high liquidity and the expansion of retail banking in the region are expected to provide yet another bumper year in 2005.
