Saudi Press

Saudi Arabia and the world
Tuesday, Jun 18, 2024

Saudi Arabia’s Top Banks See 8% Earnings Surge in Q1 2024

Saudi Arabia’s Top Banks See 8% Earnings Surge in Q1 2024

Saudi Arabia’s top 10 banks reported an 8% earnings increase in Q1 2024, reaching one dollar $5 billion. This growth is due to an 11% rise in lending and higher interest rates, with loans hitting SR2.67 trillion. Saudi banks are expected to maintain this trend, backed by Vision 2030 and government support.
The top 10 listed banks in Saudi Arabia experienced an 8% earnings increase in the first quarter of 2024, reaching SR18.65 billion (one dollar $5 billion).

This growth is fueled by an 11% rise in lending and higher interest rates.

Data from the Saudi Central Bank reveals that loans grew to SR2.67 trillion by the end of March, outpacing deposits which saw an 8% increase.

Kamco Invest's research shows that outstanding credit facilities in the Gulf Cooperation Council continued to expand despite higher interest rates.

The GCC's aggregate contract awards grew by 20.3% year-on-year, reaching one dollar $45 billion in Q1 2024.

S&P Global forecasts 8-9% credit growth for Saudi banks, driven by corporate lending and Vision 2030 economic activities.

Moody's reaffirmed a positive outlook based on economic diversification and low-risk government-backed projects.

Saudi National Bank led earnings among the top 10, reporting SR5.04 billion, followed by Al Rajhi Bank with SR4.41 billion.

According to Forbes 2024, Saudi Arabia has 10 banks in the MENA’s 30 most valuable banks list, with Al Rajhi Bank leading in market value at one dollar $96.6 billion.

Additionally, Alinma Bank saw a 36% earnings surge, contributing significantly to overall growth.

Saudi banks are expected to adopt alternative funding strategies and access international capital markets to cope with lending expansion driven by rising mortgage demand.

Related Articles

Saudi Press
Good day, everyone! We've got a lively mix of stories today, from financial recoveries and international sanctions to...
Giorgia Meloni Comments on Israel's Conflict and EU's Stand on Ukraine Loan
Israel Plans Tactical Pause For Aid Deliveries in South Gaza
Giorgia Meloni Comments on Israel's Conflict and EU's Stand on Ukraine Loan
Over 1.5 Million Pilgrims Arrive in Mina for Hajj
Japan Considers Sanctions on UAE-Based Entities for Aiding Russia
Global Headlines: Pope’s Plea on AI, Tensions in Ukraine, and Japan’s Sanction Strategy
Houthi Missile Attack Severely Injures Sailor on Cargo Ship
Iran Expands Nuclear Capabilities: IAEA Report
Saudi Hospitality Sector to Grow by 7.5% Annually Until 2028
Ceer and Hyundai Transys Sign $2 Billion Deal for EV Drive Systems
Israel Rescues Four Hostages from Gaza
Turkish Student Arrested for Using AI to Cheat in University Exam
Saudi Arabia Dominates Global Construction with $1.5 Trillion Pipeline
Fortis Expands Fintech Solutions to Saudi Arabia's SME Sector
Saudi Arabia's Industry 4.0 Initiative and Vision 2030
Saudi Arabia's Booming Automotive Market
"Saudi Stock Market Recap: Tadawul Dips While Nomu Surges"
"Saudi Arabia's Economic Growth Soars: Gross Fixed Capital Formation Surges by 7.9%"
"Saudi Arabia Tops Global Mining Investment Rankings: A New Era of Mineral Prosperity"
"Saudi Arabia's Record-Breaking Year in Travel & Tourism: A Global Tourism Hotspot in the Making"
Saudi Foreign Minister Attends BRICS Ministerial Meeting in Russia
"Saudi Arabia's New Workplace Safety Measures: A Summer of Shade for Private Sector Workers"
"King Salman Welcomes Over 2,300 Pilgrims for Hajj, Including 1,000 Palestinians"
"A Miraculous Birth at the Heart of the Hajj: A Nigerian Pilgrim Gives Birth in Makkah"
"Camel Culture: A Comparative Study Across Three Countries"
"Oil Prices on the Rise: Goldman Sachs Predicts a Third-Quarter Surge"
"Saudi Arabia's Finance Sector Thrives: A 13% Asset Surge in 2023"
Egypt's Inflation Rate Drops Surprisingly in May
"Saudi Aramco Remains Top Company in Forbes Middle East's Top 100 List for 2024"
"Saudi Arabia's Maritime Sector Soars: A 8.09% Increase in Cargo Handling"
"Qatar's Export Growth Soars in Q1 2024: A 6% Increase in Private Sector Exports"
"Saudi Arabia Achieves Tourism Milestones: A Giant Leap Towards Global Leadership"
"Saudi Arabia's Mining Sector Soars: A New Industrial Pillar"
"Saudi Arabia's Industrial Growth: A Boost in Manufacturing and Mining Sectors"
"Indonesia Launches TB Vaccine Trials to Combat Soaring Cases and Boost Economic Growth"
Tragic Attack in Indian-Controlled Kashmir: Nine Killed, Thirty-Three Injured
"India's Record-Breaking Heatwave: A Warning from the Weather Experts"
"Urgent Update: Devastating Floods and Landslides in Northern Vietnam"
"IOC President Assures Unwavering Support for Paris 2024 Amidst French Political Upheaval"
"Breaking News: Paris Chanel Store Ram-Raid and Fire"
"Ukraine's Reconstruction Chief Resigns: A Decade of Service and Frustration"
Tragic Attack in Yargoje, Nigeria: Over 50 Lives Lost and Many Kidnapped
"Violent Clash in Central Somalia: 55 Dead and 155 Injured"
Urgent Appeal for Peaceful Dialogue: Australia's Prime Minister Addresses Israel-Palestine Tensions
"Revival in Mosul's Old City: A Journey from Daesh's Stronghold to Cultural Renaissance"
"U.S. Secretary of State Blinken Pursues Ceasefire in Gaza"
"UAE Cracks Down on Unwanted Cold Calls: New Regulations Announced"
Turkish Foreign Minister Hakan Fidan Meets Hamas Leader Ismail Haniyeh at GCC High-Level Strategic Dialogue in Doha
Exclusive Interview with Daesh Widow: Allegations of Torture against Former Leader Abu Bakr Al-Baghdadi