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  • 21-06-21

    Income of Top-10 banks in Saudi Arabia increases 34.1 percent in 1Q of 2021

    (MENAFN)A report by professional services firm Alvarez and Marsal (A&M) declared that the built up income of the Top-10 banks in Saudi Arabia improved by 34.1 percent in the first three months of 2021, in comparison to the last quarter.
    Lenders in the Kingdom “have rebounded to deliver blockbuster first quarter profit,” mainly as a result to improving macroeconomic conditions, the country’s buoyant capital market, and an important decline in impairments, according to A&M’s Banking Pulse for Saudi Arabia.

    The banks that are listed in the study were Saudi National Bank, Al-Rajhi Bank, Riyad Bank, Saudi British Bank, Banque Saudi Fransi, Arab National Bank, Alinma Bank, Bank Al-Bilad, Saudi Investment Bank, and Bank Al-Jazira.

    Asad Ahmed, A&M managing director and head of Middle East financial services declared that “Looking ahead, credit growth is likely to be driven by continuous strength in mortgage lending and a pickup in corporate credit demand in the second half of 2021, as the economic activity continues to improve,” adding, “Corporate lending is expected to gain traction as the Public Investment Fund plans to invest USD40 billion into the economy annually until 2025, to support business activity.”

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