Saudi-based Riyad Bank and Saudi Hollandi Bank have posted profit growth for the second quarter of the year, due to increased operating income.
Saudi Hollandi Banks profits for the second quarter reached SR480.3m ($128m), a 28 per cent rise on the same quarter last year and a 15 per cent increase on the preceding quarter.
Riyad Bank has seen slightly slower but still strong growth, with second-quarter results reaching SR1.1bn, an increase of 17.4 per cent compared with the same period last year.
Both banks reported increased lending and a growing deposit base during the first six months of the year. Saudi Hollandi Bank said its loans and advances book grew by 17.2 per cent in the first half of the year to reach SR60.5bn. Its deposit base also strengthened, with volumes rising by 16.2 per cent.
Riyad Bank saw loans and advances grow at a slightly slower rate of 11.6 per cent. Customer deposit growth grew at just over 8 per cent.