Saudi Banks’ Profits Surge 14.5% to 79 Billion Riyals in 2024

A survey conducted by the financial newspaper Maaal revealed that the combined net profits of the 10 Saudi banks listed on the stock market rose by 14.5% to 79 billion riyals ($21.1 billion) in 2024, up from 69 billion riyals in 2023.

The survey highlighted that the Saudi National Bank (SNB) led the sector with total profits of 21.1 billion riyals in 2024, compared to 20 billion riyals in 2023. Al Rajhi Bank followed closely with 19.72 billion riyals, up from 16.62 billion riyals in the previous year. Riyadh Bank secured third place with 9.32 billion riyals, a rise from 8.04 billion riyals in 2023, while Saudi Awwal Bank reported profits of 8.07 billion riyals, up from 7 billion riyals.

Other notable performers included Alinma Bank, whose net profit increased to 5.83 billion riyals from 4.83 billion riyals, and Arab National Bank (ANB), which saw profits rise to 4.96 billion riyals from 4.07 billion riyals. Banque Saudi Fransi (BSF) recorded a net profit of 4.54 billion riyals, up from 4.22 billion riyals in 2023.

Additionally, Bank Albilad reported a profit of 2.8 billion riyals, compared to 2.3 billion riyals in 2023, while the Saudi Investment Bank’s profits grew to 1.9 billion riyals from 1.7 billion riyals. Bank Aljazira rounded out the list with 1.2 billion riyals in 2024, up from 1 billion riyals the previous year.

In terms of profit growth rates, Arab National Bank topped the list with a 21.9% increase, followed by Bank Aljazira at 20.6% and Alinma Bank at 20.5%. Al Rajhi Bank ranked fourth with an 18.6% growth rate, while Bank Albilad came in fifth at 18.4%. Riyadh Bank, Saudi Awwal Bank, Saudi Investment Bank, Banque Saudi Fransi, and Saudi National Bank completed the rankings with growth rates of 15.8%, 15.2%, 11%, 7.6%, and 5.9%, respectively.

The robust performance of Saudi banks in 2024 reflects the sector’s resilience and growth amid evolving economic conditions.