Saudi banks’ shares surge in response to Q1 earnings beat

Saudi banks’ shares surge in response to Q1 earnings beat

RIYADH: Saudi Arabian banks recorded gains in early Wednesday trading following an earnings beat for most industry members. The banks’ index, which captures the performance of banks listed on the Saudi stock exchange, went up by 0.6 percent amid trading of more than 4 million shares as of 10:36 a.m. Saudi time. Banks on the index include but are not limited to Al Rajhi Bank, Saudi National Bank, Saudi Investment Bank, Riyad Bank, Saudi British Bank, Arab National Bank, and Bank AlJazira. All seven banks have recently posted growth in first-quarter profit, with profits of the Kingdom’s largest valued bank Al Rajhi soaring 24 percent to SR4.1 billion ($1.1 billion). Despite the profit leap, shares of Al Rajhi Bank lost 1.1 percent, while the largest lender in Saudi Arabia SNB advanced by 3.5 percent as of 10:36 a.m. Saudi time.