Saudi banking feeling the sting of low oil prices
Nabil Al Rantisi, managing director at Menacorp, discusses Saudi Arabia bank earnings and his outlook for the markets. He speaks on “Bloomberg Markets.
He said that one cannot expect banks to perform as well as they did before because of the ongoing oil crisis with persisting low prices for the commodity.
He said that this has lead to lower reserves from the government in terms of deposits into banks, due to austerity measures.
The kingdom’s largest lender, NCB, has cut down operating costs by 13.6 per cent trying to be more fit for the coming period, said Rantisi.