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.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

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%.

Leave a comment

Your email address will not be published. Required fields are marked *