Profits of Saudi banks jump 54% in July

Profits of Saudi banks jump 54% in July

Riyadh – Net profits before Zakat and tax of banks operating in Saudi Arabia jumped by 54.25% on an annual basis in July 2022.

Saudi banks listed on Tadawul logged SAR 5.81 billion ($1.55 billion) in net earnings before Zakat and tax in July 2022, compared to SAR 3.76 billion ($1 billion) in July 2021, according to data collected by Mubasher based on official figures.

During the first seven months of the year, accumulated profits of the banks operating in the kingdom increased by 34.50% or SAR 9.96 billion ($2.66 billion) yearly to SAR 38.80 billion ($10.35 billion), compared with SAR 28.84 billion ($7.69 billion).

Month-on-month (MoM), the banks’ profits rose by 3.50% in July 2022 when compared to their level in June 2022 at SAR 5.61 billion ($1.49 billion).

Year-on-year (YoY), the kingdom's foreign reserve assets rose by 5.1% or SAR 84.49 billion ($22.53 billion) in July 2022 to stand at SAR 1.74 trillion ($464.05 billion), compared to SAR 1.65 trillion ($441.52 billion).

Meanwhile, total assets held by the Saudi Central Bank (SAMA) jumped by 8.47% on a yearly basis during July 2022 to SAR 2.01 trillion ($534.82 billion), compared to SAR 1.85 trillion ($493.05 billion).

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