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Saudi banks remain resilient amid pandemic, backed by new regulations
15 Dec 2020 Banks in Saudi Arabia report strong capital and liquidity base. KPMG Q3, 2020 Saudi banking sector analysis report records the sector experiencing a range of regulatory changes, including the value-added tax (VAT) reforms and the institutionalization of the real estate transaction tax (RETT), with mortgage finance continuing to record significant growth for the first time.
KPMG recorded these observations in its latest the “Banking Pulse”, a series of quarterly reports, highlighting the latest developments in the Kingdom’s banking sector following the disclosure of third-quarter 2020 financials by listed banks.
“The lending space in the Saudi banking sector has been rife with continued growth in mortgage financing throughout the COVID-19 environment. It is an endorsement of the housing demand in the country and testament of government support measures,” co
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Saudi Banking Sector Remains Resilient Despite Pandemic Published December 15th, 2020 - 02:00 GMT
Apart from predominant efforts towards customer endurance; another key element gathering swift momentum in the sector is the aspect of Environmental, Social and Corporate Governance (ESG), referring to three central factors in measuring the sustainability and societal impact of a business. (Shutterstock)
Highlights
The banking sector experiences a range of regulatory changes, including the value-added tax (VAT) reforms and the institutionalisation of the real estate transaction tax (RETT).
Saudi Arabian banks’ mortgage finance continuing to record significant growth for the first time, says the KPMG Q3 2020 Saudi banking sector analysis report.
KSA Business: Saudi banks stay resilient amid pandemic gdnonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gdnonline.com Daily Mail and Mail on Sunday newspapers.