United Arab Emirates
RIYADH: Saudi banks will continue to stand strong despite rising interest rates globally, the CEO of one of the Kingdom’s biggest banks told Argaam.
Tony Cripps, head of the Saudi British Bank, known as SABB, sees a positive outlook for the Kingdom’s banking and overall economic growth.
According to the executive, Saudi banks are unlikely to witness pressures during the second half of 2022, unlike global peers who are suffering from the consequences of rising inflation.
He expects lending to be healthy in the coming period of 2022, as was the case in the first six months, adding that retail loans did not see a slowdown.
In a separate announcement, Cripps revealed SABB’s strategy for environmental, social, and governance as one of the main pillars of its 2025 strategy.
“As one of the largest financial institutions in the Kingdom, we are committed to supporting the government’s vision in its path to achieve this transformation, which will push companies to invest in technology, and grow their businesses with sustainability as the main driver,” he said.
Saudi-listed SABB recorded a 10 percent profit surge to SR2.1 billion ($559 million) for the year’s first half, largely due to a rise in operating income.
