Saudi banks’ aggregate profit grows 14% in March

SourceSalaam Gateway
SectorFinancial Services
CountrySaudi Arabia

RIYADH – Saudi Arabia-listed banks reported a 14 percent rise in aggregate net profit before Zakat and tax to the tune of SR 4.02 billion in March 2021 as against SR 3.53 billion a year earlier, according to data from the Saudi Central Bank (SAMA).

The data covers 11 listed banks and some foreign banks operating in the Kingdom.

Banks’ aggregate assets grew by over 11 percent year on year (YoY) to SR 3.035 trillion in March, combined deposits increased by 9 percent YoY to SR 1.980 trillion in the same month, whereas loans to the private sector saw an increase of 15 percent YoY to around SR 1.871 trillion by the end of March, financial news portal Argaam reported.

Talat Zaki Hafiz, financial analyst and banking expert, told Arab News: ” the obvious reason for the aggregate reported net profit by Saudi banks to show a rise of 14 percent more...