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Middle EastApril 2 2012

Saudi Arabia's banking sector hits new heights

Loans are up, deposits are growing and profits are healthy in Saudi Arabia's banks. But with growth opportunities in Islamic finance and a low proportion of home ownership in the country, there are still many more lucrative areas for these institutions to tap.
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Saudi Arabia's banking sector hits new heights

Unlike many banks around the world, Saudi Arabian banks remain in a healthy financial condition, with strong economic fundamentals, robust growth in most areas and a high likelihood that their recent impressive performance will continue into 2012.

Saudi Arabia's $130bn stimulus package in 2011 had a significant impact on the banking sector, bringing not only a major increase in customer deposits but also strong growth in lending. With provisions significantly lower in 2011 compared with the previous two years, banks produced strong profit growth in 2011 and very healthy performances.

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