The profits of Saudi operating banks exceed 19 billion riyals in the first quarter of 2023

Banks operating in the Kingdom of Saudi Arabia recorded a net profit growth of 16.99% during the first quarter of 2023 on an annual basis.

Profits of banks operating in the Kingdom (Saudi and foreign) rose to 19.02 billion riyals ($5.07 billion) before zakat and tax, compared to 16.26 billion riyals ($4.333 billion) in the first quarter of 2022, an increase of 2.76 billion riyals ($736.53 million). According to statistics prepared by Mubasher based on data from the Saudi Central Bank, SAMA.

Banks and commercial banks operating in the Kingdom recorded a net profit growth of 23.2% during the month of March 2023 on an annual basis, with an increase equivalent to 1.4 billion riyals ($373.07 million) over their profits in the same month of last year.

Banks operating in the Kingdom achieved profits of 7.43 billion riyals ($1.98 billion) before zakat and tax in March 2023, compared to 6.03 billion riyals ($1.6 billion) in the same month of 2022.

On a monthly basis, the profits of banks operating in the Kingdom jumped by 43.2% during last March, compared to their profits in the previous month (February 2023), amounting to 5.18 billion riyals ($1.38 billion).

It is noteworthy that banks achieved profits of 6.41 billion riyals ($1.71 billion) before zakat in January of 2023.

Profits of banks and commercial banks operating in the Kingdom increased by 28.58% during 2022 on an annual basis, to 69.27 billion riyals ($18.47 billion) before zakat and tax, compared to 53.88 billion riyals ($14.37 billion) in 2021.

It is noteworthy that the number of bank branches operating in the Kingdom of Saudi Arabia reached 1923 branches at the end of March 2023, compared to 1932 branches at the end of the same month of 2022, a decrease of 9 branches.

The branches of banks and banks in Saudi Arabia are distributed among 16 foreign banks with branches inside the Kingdom, compared to 13 Saudi banks with branches, including Gulf International Bank and the 10 banks listed on the Saudi financial market, Alawwal Bank and Samba Financial Group, which merged with each of the banks. The Saudi British and Al Ahli Bank of Saudi Arabia, respectively.

It is noteworthy that as of June 2019, Alawwal Bank was merged with the Saudi British Bank, and as of April 2021, Samba Financial Group and the National Commercial Bank were merged to become the National Bank of Saudi Arabia.