“SAMA”: Banks operating in Saudi Arabia make a profit of 7.8 billion riyals during July

The monthly bulletin of the Saudi Central Bank for July 2024 revealed an increase in the profits of banks operating in the Kingdom before zakat and taxes by the end of July 2024 to 7.83 billion riyals, by 22.9%, over their profits in July 2023, which were 6.373 billion riyals, while they grew by about 217 million riyals, by 9.4% over their profits in June 2024, which were 7.613 billion riyals, to record the highest monthly profits in its history.

The profits of banks operating in Saudi Arabia before zakat and taxes rose by the end of the second quarter of this year to 21.6 billion riyals, by 13.4% compared to the profits of the corresponding quarter of 2023, which were 19.1 billion riyals, while the profits of banks in the first half of this year amounted to 42.4 billion riyals, by 11.2% compared to the profits of the corresponding half of the previous year, which were 38.1 billion riyals. It is noteworthy that the profits of banks operating in Saudi Arabia before zakat and taxes rose by the end of 2023 to 77.397 billion riyals, by 11.7%, compared to their profits in the previous year 2022, which were 69.272 billion riyals. The profits of banks operating in Saudi Arabia in 2023 are the highest profits before zakat and taxes recorded in their history. The consolidated profits include the results of Saudi banks operating in the Kingdom without foreign branches, in addition to the branches of foreign banks operating in the Kingdom.