Saudi banks achieved at the end of 2018 the highest annual profits in their history ever, to rise by 11.1%, equivalent to 5 billion riyals, to reach 50 billion riyals, compared to about 45 billion riyals in 2017.
According to previous data on the Tadawul website, the record rise in these profits is mainly due to the rise in interest rates, after the Saudi Arabian Monetary Agency (SAMA) raised it four times last year, coinciding with the US Federal Reserve raising interest rates four times.
Ten Saudi banks recorded an increase in their profits, which were issued in terms of the highest value by the National Commercial Bank, whose profits amounted to 10.7 billion riyals, followed by Al-Rajhi Bank, whose profits also reached 10.3 billion riyals.
And topped it in terms of percentage increase, Alinma Bank, whose profits increased by 25.2%, and by 24.6%, and Riyadh by 19.5%.
In contrast, the profits of only two banks, the First and the Saudi French, fell by 15.4% and 6.4%, respectively.
And topped it in terms of the increase in net special commissions, Bank Albilad by 23.4%, and Riyadh by 12.7%, and it was issued in terms of net commissions value to the National Commercial Bank with 14.4 billion riyals, followed by Al-Rajhi Bank with 13.3 billion riyals.
