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Saudi banks achieved their highest quarterly net income on record in 3Q 2024, at SAR 20.5 bn, rising 13.5% y-o-y, according to Asharq Al Awsat. On a 9M basis, Saudi banks saw an 11.6% y-o-y increase in net income, amounting to SAR 58.7 bn, compared to SAR 52.6 bn for the same period in 2023.
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Saudi National Bank recorded the highest net income during the quarter, rising 7.1% y-o-y to reach SAR 5.4 bn. Al Rajhi Bank followed, with a 22.8% rise, totaling SAR 5.1 bn. Riyad Bank recorded the highest growth rate among Saudi banks, up 27% y-o-y, with the third highest net income of SAR 2.7 bn. Of the 10 Tadawul-listed Saudi banks, only Banque Saudi Fransi experienced a decline in net income, down 7.8% y-o-y to SAR 1.2 bn
Pressure from liquidity constraints: Despite the generally positive results, banks faced liquidity pressures as financing portfolios grew by 12.4%, outpacing deposit growth of 10.5%.
