SAMA: Banks in Saudi Arabia profit SR5.8 bln in a month ‎

The Saudi Central Bank (SAMA) revealed in its monthly report for July 2022 that profits of banks operating in Saudi Arabia (before zakat and tax) rose 54.25% to SR 5.8 billion during July 2022 compared to the same period of 2021 when it reached SR 3.76 billion, while their profits soared SR196 million or 3.5% from June 2022 when it recorded SR 5.6 billion.

It is noteworthy that the profits of banks operating in Saudi Arabia before zakat and taxes at the end of the first half of this year amounted to 32.991 billion riyals, or 31.6%, compared to their profits in the same period of the previous year 2021, which was 25.07 billion riyals, while profits amounted to The second quarter of 2022, about 16.735 billion riyals, an increase of 30.7% over the profits of the comparative quarter of the previous year, which was 12.8 billion riyals.

The banks operating in Saudi Arabia achieved profits of 53.9 billion riyals at the end of the year 2021, an increase of 39.2% from their profits in the previous year, which was 38.7 billion riyals, to record the highest profits before zakat and taxes in its history.

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.