With a 14.4% increase… “SAMA”: Banks operating in Saudi Arabia make 7 billion riyals in a month

The monthly bulletin of the Saudi Central Bank for November 2024 revealed an increase in the profits of banks operating in the Kingdom before zakat and taxes by the end of November 2024 to 6.995 billion riyals, by 14.4%, compared to their profits in November 2023, which were 6.116 billion riyals, while they decreased by about 704 million riyals, by 9.1%, compared to their profits in October 2024, which were 7.699 billion riyals.

The profits of banks operating in Saudi Arabia before zakat and taxes rose by the end of the third quarter of this year to 23.07 billion riyals, by 14.5% compared to the profits of the corresponding quarter of 2023, which were 20.141 billion riyals, while the profits of banks grew in the first 9 months of this year to 65.6 billion riyals, by 12.6% compared to the profits of the corresponding period of the previous year, which were 58.246 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.