Saudi banks report strong Q2 in sign of economic upturn

Saudi banks report strong Q2 in sign of economic upturn

SABB swung to a net profit of SR919 million in Q2 2021 compared to a net loss of SR6.86 billion during the same period in 2020 due to a lower provision for expected credit losses and total operating expenses. Saudi National Bank (SNB) swung to a net profit of SR2.11 billion in Q2 2021, against a net income of SR2.08 billion in Q2 2020, due to a lower provision for total operating expenses, including net impairment charges attributable to its merger with Samba. Al-Rajhi Capital swung to a net profit of SR3.60 billion in Q2, against a net income of SR2.43 billion in Q2 2020, following a rise in net financing and investment income. In Q2 2021, ANB’s net profit decreased by 3 percent year on year to SR473 million, hit by a 6.1 percent year on year drop in total operating income, due to lower net special commission and exchange income. Banque Saudi Fransi net profits soared 76 percent, followed by Bank AlJazira with 51 percent, Al-Rajhi Capital with 48 percent, Riyad Bank with 42 percent, Bank Albilad with 31 percent, Alinma Bank with 24 percent and SNB with 1.4 percent. Hisham Abu Jameh, CEO of Mikyal Financial Technologies,