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Banking Sec<strong>to</strong>r<br />
» Saudi banks that had consistently<br />
shown good financial performance in<br />
<strong>the</strong> past decade, witnessed a decline<br />
of 14.6% in FY07 (linked <strong>to</strong> <strong>the</strong><br />
dampened activity at Tadawul) and<br />
posted 3-year CAGR(2004-07) of<br />
22%.<br />
» The listed Saudi banks (9M08<br />
profitability) recorded YoY increase<br />
of 1.6%, posting a consolidated net<br />
profit of SR19.3bn in 9M08.<br />
» Based on 9M08 results, Al Rajhi Bank<br />
with <strong>the</strong> largest market cap. recorded<br />
(YoY) rise of 4.7%; while <strong>the</strong> heavy<br />
weights like SAMBA Financial<br />
Group & Riyad Bank declined (YoY)<br />
by 6.3% & 4.8%, respectively.<br />
Saudi Banking Sec<strong>to</strong>r Profitability<br />
(SR mn)<br />
7,500<br />
7,000<br />
6,500<br />
6,000<br />
5,500<br />
5,000<br />
4,500<br />
4,000<br />
3,500<br />
3,000<br />
2,500<br />
2,000<br />
1,500<br />
1,000<br />
500<br />
0<br />
Al-Jazira Bank<br />
Bank Al-Bilad<br />
Al-Rajhi<br />
Arab National Bank<br />
Banque Saudi Fransi<br />
National Commercial Bank<br />
Riyad Bank<br />
Saudi British Bank<br />
Saudi Investment Bank<br />
2004 2005 2006 2007 9M-2008<br />
SAMBA Financial Group<br />
Saudi Hollandi Bank<br />
Source: SAMA & Global Research<br />
Global Investment House<br />
22 Saudi Arabia Economic Overview - January 2009
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