‎Research firms expect Saudi banks’ profit to grow 20% YoY, 6% QoQ in Q3 2022

‎Research firms expect Saudi banks’ profit to grow 20% YoY, 6% QoQ in Q3 2022

Research firms forecast the Saudi banking sector to post a rise of 20% year-on-year (YoY) and 6% quarter-on-quarter (QoQ) in Q3 2022 aggregate net profit, according to data compiled by Argaam.

The Saudi banks’ aggregate net profit is predicted to reach SAR 15.95 billion on average in the three-month period, compared to SAR 15.10 billion in Q2 2022 and SAR 13.25 billion in Q3 2021.

Forecasts are bullish for most banks on yearly and sequential bases, topped by Bank AlJazira (+41%), Saudi British Bank (SABB) (32%), Saudi National Bank (SNB) (+29.3%), Alinma Bank (+29%), and Saudi Investment Bank (SAIB) (23%).

The following table compares research firms’ average Q3 2022 forecasts to the actual results YoY and QoQ: