Saudi banks listed on Tadawul continued to record strong profits in the second quarter of this year, with their business continuing to grow year-on-year for the tenth consecutive quarter.
And with the end of the 10 listed Saudi banks announcing their results for the second quarter, strong results emerged, as all listed banks recorded an increase in their quarterly profits, compared to the same period of 2022, except for Al-Rajhi Bank, which was the only exception and recorded a decline in profits.
The rise was in varying proportions, the highest of which was the First Saudi Bank, as its profits jumped by 43%. As for the absolute number, the highest profits were the share of the National Bank of Saudi Arabia, with 5 billion riyals, out of 17 billion riyals, which is the total profits of the sector.
As for provisions, the results were mixed, as 6 banks recorded an increase in provisions, namely: The Saudi Investment Bank, Riyad Bank, Al-Inmaa, Al-Jazira, Saudi Fransi, and First Saudi, while 4 banks recorded a decline in provisions: Al-Rajhi, Al-Ahly, Al-Bilad, And Al Ahly Arab National.
The highest increase in provisions was for the Saudi Investment Bank, by 48%, while Al-Ahly provisions recorded a decline of 87%.
The pattern of rising loans and deposits at all banks continued, for the second quarter in a row.
The largest growth rate in lending was the share of Saudi Investment, with an increase of 24%, in contrast to the growth of customer deposits with it by 22.5%.
The largest growth rate came in deposits, with Alinma Bank, with a growth of 26%, compared to the growth of its loans by 23%.
