“SAMA”: Banks operating in Saudi Arabia make highest profit ever at 89.1 billion riyals during 2024

The monthly bulletin of the Saudi Central Bank for December 2024 revealed an increase in the profits of banks operating in the Kingdom before zakat and taxes by the end of December 2024 to 8.821 billion riyals, by 29.5%, over their profits in December 2023, which were 6.809 billion riyals, while they jumped by about 1.8 billion riyals, by 26.1% over their profits in November 2024, which were 6.995 billion riyals, to record the highest monthly profits in their history.

The profits of banks operating in Saudi Arabia before zakat and taxes rose by the end of 2024 to 89.097 billion riyals, by 15.1%, compared to their profits in the previous year 2023, which were 77.397 billion riyals. The profits of banks operating in Saudi Arabia in 2024 are the highest profits before zakat and taxes recorded in their history. The profits of banks operating in Saudi Arabia before zakat and taxes rose by the end of the fourth quarter of 2024 to 23.515 billion riyals, by 22.8% compared to the profits of the same quarter of 2023, which were 19.151 billion riyals. 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.