Saudi Arabia: Profits of ten banks skyrocket | MENAFN.COM

Monday, 06 February 2023 08:02 GMT

Saudi Arabia: Profits of ten banks skyrocket


(MENAFN) KSA’s top 10 banks sees 9.3 percent raise in net profit in Q3 The total net income of Saudi Arabia’s leading 10 banks surged by 9.3 percent to reach SR16.5 billion (USD4.39 billion) in the July-September period of this year, in comparison with the prior three months, as raising interest income grew their performance, a study done by expert services company Alvarez & Marsal indicated.

Ten of the biggest registered banks it studied involve Saudi National Bank, Al Rajhi Bank, Riyad Bank, Saudi British Bank, Banque Saudi Fransi, Bank Aljazira, Alinma Bank, Bank Albilad, Saudi Investment Bank, as well as Arab National Bank.

According to the report, ‘Saudi Arabia Banking Pulse for Q3’, Alvarez & Marsel pointed out that the overall net interest revenue of these 10 banks jumped by 15.9 percent in the July-September period.

This arise as Saudi Arabia’s central bank, known as SAMA, surged its repo and reverse repo rates by 150 basis points on a quarterly basis in the stated period, to 3.75 percent and 3.25 percent individually.

This was along with the US Federal Reserve’s plan to battle rising inflation as well as sustain price stability.

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