Saudi Arabia's 10 commercial banks posted a combined profit of SR14.7 billion last year, registering a 59.7 percent rise compared to their performance in 2003 when their profits totaled SR9.2 billion. The National Commercial Bank, the Kingdom's largest in terms of capital, realized the biggest profit of SR3.53 billion in 2004, with an SR518 million increase compared to 2003. Al-Jazeera Bank registered the highest growth rate (101 percent) in profits last year compared to other banks, followed by Samba Financial Group 74 percent, Arab National Bank 52 percent, and Al-Rajhi Banking & Investment Corp. 44 percent. Both Saudi British Bank and Banque Saudi Fransi recorded a 30 percent increase in their profits compared to 2003. Saudi Investment Bank achieved 26.6 percent growth, Riyadh Bank 26 percent, Saudi Hollandi Bank 24 percent, and NCB 17.3 percent. The Saudi banks made record profits last year after realizing balanced growth in their budgets, Asharq Al-Awsat reported quoting bankers. All banks were successful in expanding their client base and increasing their lending operations despite the fall in interest rates. The Kingdom's sound economic condition created by soaring oil prices was another factor.
