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الاقتصادية
Saudi banks report profits amid cautious lending
The Saudi banking sector achieved record profits in the second quarter of the year, with total earnings reaching 24.9 billion riyals, representing an 8.2% increase year-over-year and a 3.8% rise compared to the previous quarter. This growth was driven by a 9% increase in net income from financing and investment commissions, as well as a 6.9% expansion of the credit portfolio. Al Rajhi Bank led the growth, contributing significantly to 46% of the total increase, followed by the National Commercial Bank and the Saudi British Bank, while profits from Alinma Bank and other institutions grew less. Despite a 38% rise in provisions, overall results remain positive; however, the continuation of this performance depends on banks’ ability to protect margins amid rising deposit costs, which could impact future performance.
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