14 Days
Source:
الاقتصادية
Saudi banks' profits hit six-month low
Bank profits in Saudi Arabia continued to grow year-over-year, reaching 8.24 billion riyals in April, marking a 7.2% increase compared to the same period last year. However, they declined by 18% month-over-month after a record high in March at 10.04 billion riyals. This decrease is attributed to the high profit base from the previous month. The profits were supported by increased growth in both budgets and credit, with total profits for the first four months amounting to 35.07 billion riyals, up by 6.3%. Additionally, bank credit rose to 3.38 trillion riyals, representing an 8% annual growth rate, while deposits grew faster by 10.5% to 3.10 trillion riyals. This caused the credit-to-deposit ratio to decrease to approximately 78.9%, the lowest level since March 2024, indicating an improvement in sector liquidity.
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