RIYADH: Saudi banks will see their client base expand and earnings increase thanks to government-backed economic diversification efforts that are driving innovation and boosting productivity, according to a new report. According to Moody’s analysis of banks in the Gulf Cooperation Council and Commonwealth of Independent States, Saudi Arabia and Oman were the top two GCC countries with the lowest volatility in non-oil sector expansion from 2020 to 2023. The Kingdom also ranked among the top three for cumulative non-oil growth during this period, along with the UAE and Qatar.