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.