We are pleased to present the second volume of our quarterly report on the Saudi banking sector with industry insights, market analysis and the Q122020 financial performance.
As we approach the half year mark of the Covid-19 outbreak, the profound effects have unraveled the high degree of uncertainty of the medium-term prognosis. As expectations hinge between optimism from an imminent fully sanctioned vaccine and apprehensions of a second-wave; both the corporates and civil society continue to tackle challenges and deal with the new operating model of remote working and pursuing cost efficiencies. Yet, it has not been all ‘doom-and-gloom’ and as a silver-lining we have seen success stories of the proactive role played by governments, central banks and regulators. Their support for the banking sector has continued to play a vital role in the handling of distressed segments and providing additional liquidity and rapid roll-out of the forbearance measures.
We welcome you to delve into further insights of the foregoing themes, along with the industry’s financial performance for the most recent period and commentary from key executives that reflects the pulse of the market. As always, we look forward to your feedback.
Head of Financial Services
KPMG in Saudi Arabia