Arab News, Monday, May 29, 2023 | Thul-Qidah 9, 1444
Saudi banks’ profits surge 3.4% in April to $1.55bn
Saudi Arabia:
The aggregate profit of banks operating in Saudi Arabia increased by 3.4 percent
year on year in April to reach SR5.78 billion ($1.55 billion), according to the
latest figures released by the Saudi Central Bank, also known as SAMA.
The report, however, noted that the aggregate
profits of Saudi banks fell by SR1.65 billion month on month in April. In March,
banks in Saudi Arabia reported an aggregate profit of SR7.43 billion.
According to the SAMA report, the aggregate assets
of banks operating in Saudi Arabia also increased by 10.81 percent year on year
in April to hit SR3.75 trillion.
The report added that the combined deposits in
Saudi banks witnessed a 10.38 percent year-on-year rise to SR2.40 trillion by
the end of April.
Highlighting the growth of the non-oil private
sector in the Kingdom, the report noted that loans provided to private firms
increased by 9.67 percent year on year in April to SR2.36 trillion.
SAMA’s monthly statistical bulletin covers the
results of banks listed in the Saudi exchange and some foreign banks operating
in Saudi Arabia.