Banks in Saudi Arabia came into 2020 on a strong footing. Following three years of choppy economic trends in the country, lenders began the new year with healthy capital bases, having registered good growth in both assets and profitability in 2019.
In a report on the sector published on March 15, KPMG said: “The Saudi banking industry has weathered the storm of the recent economic downturn relatively well. Banks continue to be well positioned to take advantage of the improving economic outlook and an evolving technological landscape.”
