A Gulf Business Report Shows Kingdom of Saudi Arabia Leads Banking Sector Profit Growth for the Middle East

A Gulf Business Report Shows Kingdom of Saudi Arabia Leads Banking Sector Profit Growth for the Middle East PR Newswire DUBAI, August 26, 2012 DUBAI, August 26, 2012 /PRNewswire/ -- The Middle East banking sector shows strong growth off the back of mega-government spending sprees and policies that support internal growth. In a review of the profit posted by the top 50 regional banks ranked by assets, for the period H1 2011 verses H1 2012, Gulf Business has identified the top ten performing banks by percentage growth in the Middle East. This report shows that the banking sector in the region is in a better position than many of their international counterparts, being shielded by high capitalisation and favourable government policies, the outlook looks good for the remainder of 2012, with Alicia Buller, Editor of Gulf Business predicting moderate end of year growth over 2011 results as the regions recovery continues. Sheetal Kothari, research analyst, business and financial services practice, Frost & Sullivan, told Gulf Business "The banks in the Kingdom have a good track record of maintaining strong asset quality and adapting adequate lending practices and underwriting standards". Buller further elaborated on the reports findings, "Saudi Arabia's traditionally conservative fiscal polices coupled with the billion-dollar government budget, has buoyed the banking sector with four out of the five top ten banks being based in the Kingdom.