RIYADH: In March, Saudi banks reported net earnings of SR8.81 billion ($2.35 billion), a 27.1 percent year-over-year rise. According to the Saudi Central Bank, or SAMA, this statistic represents profits before zakat and tax.
One of the highest monthly incomes in recent years is a result of the good performance. It highlights the rising trust in the Kingdom’s banking industry despite stable economic growth and a robust pipeline of projects linked to Vision 2030.
A January assessment from S&P Global Ratings states that Saudi banks should continue to be profitable all year. According to the report, a positive economic climate and falling interest rates are two essential factors facilitating further loan growth.
With the help of government-led programs, infrastructure investment, and a rise in building activity, corporate lending will continue to be the key driver of loan growth in 2025.
According to S&P, lending growth will be approximately 10% for the year, with corporate financing, which is directly related to the achievement of Vision 2030—leading the way. Reduced borrowing rates are anticipated to rebound mortgage lending somewhat.
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