Reports: The KPMG, specialized in audit, tax and consulting services in the Kingdom, has confirmed that local banks continue to inject their own liquidity for the coming year, noting that during the first nine months of 2022, 3.8 billion US dollars, and the report expected this figure to grow in the coming months, as banks work to feed the growing demand in the public and private sectors.
On the same note, O'Sullivan said that local banks are continuing to inject their own liquidity for the coming year. <Owais Shihab, head of financial services at KPMG in Saudi Arabia, said: "Banks may face significant challenges while updating their Basel IV programs," noting that banks in the Kingdom will need to ensure that they are well-prepared and ready to achieve compliance in a cost-effective manner within the timeframes set by the Saudi Central Bank.
In the report, Owais Shihab, head of KPMG's Financial Services practice in Saudi Arabia, highlighted the importance of the Basel IV program. <In the report, KPMG highlighted the latest developments in the Kingdom's banking sector. The nine-month analysis of the banking sector's financial performance reflected the strong performance of the sector, notably with net profit increasing by 26.21% year-on-year to SAR 46.41 billion during the first nine months of 2022, with total assets rising by 9.76% year-on-year to SAR 3,329 billion.
KPMG also highlighted the latest developments in the banking sector in the Kingdom of Saudi Arabia. Khalil Ibrahim Al-Sudais, Managing Partner of KPMG's Riyadh office, commented: “We have observed an increase in Tier 1 capital issuance significantly across bank participation as these banks work to strengthen their capital base... The regulatory agenda emphasizes a strong capital base through the implementation of Basel IV standards after the final rules are in place, and despite the delay in the implementation of these standards due to the COVID-19 pandemic, regulators globally are now doing their best and moving forward to implement a complete and consistent framework.”
Sudais added: “The regulatory agenda is very much in place. <”We have seen continued growth in economic activities during the first nine months of 2022. Although global supply chains have been under significant pressure due to various challenges including geopolitical concerns, oil prices have consistently helped the Saudi economy grow and prosper and expand to achieve the targets of Vision 2030.“
A recent report by the Saudi Arabian Ministry of Finance (AMF) stated that the country's oil prices have continued to grow. According to KPMG's latest CEO Insights 2022 report, business leaders around the world see post-coronavirus stress as well as other economic factors, including the risk of rising interest rates and inflation, as the most pressing issues of the day.
According to KPMG's latest CEO Insights 2022 report, business leaders around the world see post-coronavirus stress as the most pressing issue of the day.
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