Saudi banks' January income falls 20%

Figures by the Saudi Arabian Monetary Agency (Sama) have shown that the net income of 12 commercial banks in the kingdom fell over 20% in January, indicating a continued tight lending policy triggered by the global fiscal crisis, Emirates Business has reported. The banks' net income dropped to SR2.85bn (Dhs2.82bn) in January 2010 from SR3.58bn in the same month of last year. The figures also showed that Saudi bank lending to the private sector fell by SR14.5bn in December, the largest decline since November 2004.