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الاقتصادية
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TASI banks signal sector growth
Reports of “PSF” Bank’s third-quarter results showed a positive performance, with profits surpassing expectations at 1.51 billion Riyals, reflecting an 11.5% year-over-year growth. This outpaced the sector’s average growth of 6%. The improvement is attributed to enhanced interest margins and accelerated growth of the loan portfolio, which increased by 0.1 percentage points to 6.9%, benefiting from higher interest rates, as 80% of loans are variable-rate. Additionally, rising net interest income (+6.5%) and other operating activities such as service and financing fees contributed to more than 10% faster growth in operating profits. Despite a slowdown in deposit growth, the bank’s deposits rose by 9.3% to 203 billion Riyals, with the proportion of non-interest-bearing deposits increasing to 41% of the total. Overall, the bank’s performance indicates a recovery in the Saudi banking sector, reflected in an 11.5% increase in profits during the third quarter.
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