Saudis boost bank balances despite pandemic

The Saudi banking sector reported an average increase of 41.4 percent in expected credit losses. (FILE/Shutterstock)
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Updated 02 September 2020

Saudis boost bank balances despite pandemic

  • Deposits rose 3 percent to $496.5 billion compared to the year-earlier period despite mounting pandemic-related pressures elsewhere in the banking system
  • The Saudi banking sector reported an average increase of 41.4 percent in expected credit losses

LONDON: Saudi bank deposits edged up in the second quarter compared to a year earlier according to a report from KPMG.
Deposits rose 3 percent to $496.5 billion compared to the year-earlier period despite mounting pandemic-related pressures elsewhere in the banking system.
The Saudi banking sector reported an average increase of 41.4 percent in expected credit losses for the three-month period ended June 30, 2020, to $2.293 billion, KPMG said.
Still, the injection of $19.467 billion into the Kingdom's banks by the regulator helped to improve the financial position of lenders in Saudi Arabia.
“It has not been all ‘doom-and-gloom’, and as a silver lining, we have seen success stories of the proactive role played by governments, central banks and regulators," said Khalil Ibrahim Al-Sedais, office managing partner for Riyadh at KPMG.
Overall bank profits fell 7.4 percent in the second quarter to $5.504 billion compared to a year earlier.


Apple to launch first online store in India next week

Updated 24 sec ago

Apple to launch first online store in India next week

NEW DELHI: Apple announced Friday that it will launch its first online store in India next week, as it seeks to increase sales in one of the world’s fastest-growing smartphone markets.
The company at present uses third-party online and offline retailers to sell its products in the country.
Apple CEO Tim Cook said in a tweet that the company “can’t wait to connect with our customers and expand support in India.”
The Sept. 23 launch comes ahead of India’s major Hindu festival season beginning next month.
With a nearly 1.4 billion people, including millions of new Internet users every month, India has become a key focus of tech giants over the last few years.
In August, three contract manufacturers for Apple iPhones and South Korea’s Samsung applied for large-scale electronics manufacturing rights in India under a $6.5 billion incentive scheme announced by the government.
Apple assembles some smartphones at Foxconn and Wistron’s plants in two southern Indian states.