Oil price rises boost profits

摘要

Higher oil prices - extending above $130 a barrel as The Banker went to press - have improved the prospects of most Middle East banks as well as profits for calendar 2007. Although some may have thought that profits should have been even higher, the aggregate pre-tax profits of the 97 banks from the region in the Top 1000 increased by 7.9% to $28.6bn from $26.5bn in last year's listing. This more modest increase was partially explained by the aggregate net income of the Saudi Arabian banks, which account for eight of the Top 25 banks in the region, falling 14.4% in 2007 to $8.1bn, as banks returned to more normal conditions following the exceptional trading and brokerage income of 2006.