SAMA: Banks in Saudi Arabia profit SR32.99 bln during 1H

The Saudi Central Bank (SAMA) revealed in its monthly report for June 2022 that profits of banks operating in Saudi Arabia (before zakat and tax) rose 31.6% to SR 32.991 billion during the first half of 2022 compared to the same period of 2021 when it reached SR 25.07 billion, while their profits soared 30.7% to SR 16.735 billion during the second quarter of 2022 from SR 12.8 billion in Q2 2021.

Moreover, SAMA revealed in its monthly report for June 2022 that profits of banks operating in Saudi Arabia (before zakat and tax) rose 44.8% to SR 5.61 billion compared to June 2021 when it reached SR 3.873 billion, while their profits rose 1.1% from SR 5.55 billion in May 2022.

It is noteworthy that the operating banks in the Kingdom reported profit jump of 39.2% to SR 53.9 billion in 2021, the highest ever (before zakat and tax), from SR 38.7 billion in 2020.

The collected profits include the operating banks’ financial results in the Kingdom without abroad branches, in addition to the foreign banks operating in Saudi Arabia.