Thursday, 06 May 2021 01:06 GMT

Saudi Arabia banks announce 14 percent rise in aggregate net profit

( MENAFN )Data from the Saudi Central Bank (SAMA) declared that Saudi Arabia-listed banks announced a 14 percent increase in total net profit before Zakat and tax to the tune of SR 4.02 billion (about USD1,071,851) in March current year as against SR 3.53 billion a year earlier.

The data includes 11 listed banks and some foreign banks operating in the Kingdom.

According to financial news portal Argaam, Banks' aggregate assets increased by more than 11 percent annual to SR 3.035 trillion in March, combined deposits rose by 9 percent annual to SR 1.980 trillion in the stated month, while loans to the private sector witnessed an improvement of 15 percent yearly to about SR 1.871 trillion by the end of March.

“The obvious reason for the aggregate reported net profit by Saudi banks to show a rise of 14 percent is the positive return back of the banking sector to the normal operations after a long period of lockdown (partially and completely) of more than 70 days, between March and May last year due to the COVID19 pandemic as part of precautionary measures taken by the Saudi government to prevent the spread of the virus," Arab News quoted Talat Zaki Hafiz, financial analyst and banking expert as saying.

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