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01-05-23
Strong Growth in Saudi Arabian Banking Sector: Profits, Assets Surge in March 2021
(MENAFN) According to the latest data released by the Saudi Central Bank, banks in Saudi Arabia reported a combined profit of SR7.43 billion (USD1.98 billion) in March, which is a significant increase of 23.2 percent compared to the same period last year. The report also highlighted that the aggregate assets of banks operating in the country surged by 11.17 percent year-on-year to SR3.74 trillion in March.
It is worth mentioning that the monthly statistical bulletin by SAMA covers the results of Tadawul-listed banks and some foreign banks operating in Saudi Arabia. Additionally, the report revealed that the total combined deposits in these banks also rose by 11 percent year-on-year in March to reach SR2.40 trillion.
Further analysis of the SAMA report showed that loans given to private entities in the Kingdom increased by over 10 percent year-on-year to SR2.35 trillion by the end of March. This indicates a positive growth trend in the non-oil private sector of the country. These figures are a clear indication of the strength and resilience of the banking sector in Saudi Arabia, despite the challenges posed by the ongoing COVID-19 pandemic.
MENAFN01052023000045014146ID1106147625
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