SAB CEO sees no slowdown, pressure in Saudi Arabia's business sectors
He emphasized that SAB sees no signs of slowdown or pressure across business sectors in the Kingdom.
Cripps attributed the improved profitability during the quarter largely to effective cost management.
The bank has not observed any distress in corporate client activity across segments, he said, noting that credit risk was limited to just one or two names among the bank's clients during Q2.
The bank is currently comfortable with its capital levels, but future expansion will necessitate raising more capital. Thus, SAB intends to tap international markets again, with a growing focus on broader participation from Asian markets in upcoming financing rounds.
SAB's CEO and MD pointed out that the bank was able to offset lower interest income with an increase in fee-based revenues, and that it focused on residential mortgages to stabilize interest returns. The bank also acted early in response to expectations of falling interest rates.
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