Fitch backs Saudi banks to reduce bad loan charges in 2015 - ArabianBusiness.com

Saudi Arabia's strong macroeconomic outlook will continue to drive business opportunities for banks operating in the Gulf kingdom in 2015, Fitch Ratings has said in a new report.

The ratings agency said that high public sector spending will result in Saudi banks being able to reduce its loan impairment charges.

"The performance of Saudi banks remained sound in H1 2014, driven by business growth and declining loan impairment charges," said Redmond Ramsdale, director in Fitch's Financial Institutions team.

"The prospects for Saudi Arabia's economy remain strong due to high, albeit falling, oil prices, significant government spending on infrastructure projects and an expanding non-oil private sector." More>>