Special Report - (Namazone):
The decline dominated the profits of listed banks in the Saudi market during the first quarter of 2020, compared to the same period in 2019, after the banks set aside more allocations, to meet developments Recent economic situation.And revealed a statistic for (Namazone), based on the financial statements of banks, the net profit of the listed banks declined about 7% in the first quarter of this year, compared to the first quarter of last year .
The combined profits of 11 banks fell to 11.3 billion riyals, for the first months of 2020, compared to about 12.14 billion riyals for the same quarter of 2019.
All banks recorded a decline in net profits except for the National Commercial Bank, which witnessed a marginal growth of about 2%, and Samba Financial Group, which announced a net profit growth of 19.6%.
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<5 style = "direction: rtl; text-align: right;"> 5 banks announced profits exceeding one billion riyals during the first quarter of 2020, with the lead of the National Commercial Bank, which was able to snatch the lead in terms of the highest profits. Al-Ahly announced a net profit of 2.83 billion riyals in the first three months of this year, compared to 2.78 billion riyals in the same quarter of last year.He pointed out that, in contrast, the operating income increased as a result of the increase in special commission income and income from banking services fees and foreign exchange earnings.
The third position of Riyad Bank, which announced a net profit of 1.48 billion riyals, was followed by the Samba Group at about 1.27 billion riyals, then SABB bank with 1.02 billion riyals.
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