Friday, June 21, 2024
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Saudi Arabia’s Highest Banks’ Income Increased 8% to $5 Billion in the First Quarter.

RIYADH: Saudi Arabia’s top ten listed banks’ earnings increased by 8% in the first quarter of 2024, reaching SR18.65 billion ($5 billion) compared to last year.

Many variables contributed to the increase in earnings, such as an 11 percent increase in lending and a rising interest rate environment that raised the cost of credit. According to the most recent Saudi Central Bank data, financing totaled SR2.67 trillion by the end of March, outpacing deposits by 8%.

This growth was driven by widespread increases in all seven countries, demonstrating the financial sector’s resilience. The robust expansion in lending reflects a broader trend of economic growth and investment in the Gulf region, demonstrating the financial system’s strength and stability.

Their analysis revealed that lending growth was strong compared to the previous year, with significant increases in each country. This robust lending growth reflects a strong project pipeline, with aggregate contract awards in the GCC increasing by 20.3% yearly to $45 billion in the first quarter of 2024, up from $37.4 billion in the same period last year. Meanwhile, research by Kamco Invest indicated that data from Gulf Cooperation Council central banks showed that, despite higher interest rates, outstanding credit facilities in the region continued to expand during the first quarter of 2024.

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