RIYADH: In the second quarter of 2024, the top 10 listed banks in Saudi Arabia witnessed an increase in earnings of 17 percent annually, reaching SR19.54 billion ($5.21 billion).
Bloomberg data indicates that Saudi National Bank recorded the highest net income of the group, coming in at SR5.23 billion, up 27% from the same period the previous year. Al Rajhi Bank came in second with SR4.7 billion in earnings, a 20 per cent increase.
The adjusted net income shown in these figures is determined by eliminating non-recurring, non-operational, or extraordinary items that have the potential to distort the actual performance of a business.
The total earnings for the first half of the year were SR37.55 billion, up from SR33.43 billion, an annual increase of 12 percent. Riyad Bank was third on the list with SR2.34 billion in earnings, while Saudi Awwal Bank reported SR2.02 billion.
Even though they only made up 2% of listed banks’ overall earnings, Al Jazeera Bank had the fastest growth rate, rising 43% to reach SR318 million. Second place went to Saudi Awwal, which had a growth rate of 30%, and Saudi Investment Bank, which had a growth rate of 29%.
The Kingdom’s bank loan growth has exceeded the growth of deposits, which increased by 9% during this time, enabling institutions to make more money than they have to.
Also Read:
Saudi Non-Oil Business Activity is Stable, with the July PMI Standing at 54.4
