RIYADH: According to data from the Saudi Exchange, the top 10 listed banks in Saudi Arabia had their highest-ever net profits in 2024, totalling SR79.64 billion ($21.23 billion), or a 13.84 percent yearly gain. Strong lending growth, falling interest rates, and rising debt market involvement were the main drivers of the impressive success. The industry was headed by Saudi National Bank, also known as SNB AlAhli, which provided 26.6 percent of all banking earnings (SR21.19 billion). Al Rajhi Bank came in second with 24.8 percent (SR19.72 billion).
Approximately 51.4 percent of the sector’s overall profits came from these two banks. With a 21.98 percent increase in net profits to SR4.97 billion, Arab National Bank was the bank with the biggest annual growth. Even though Bank AlJazira held the smallest share of sector profits at 1.5 percent, it followed with a 20.69 percent growth to SR1.23 billion.
In 2024, the combined assets of the top 10 Saudi banks reached SR4.21 trillion, an annual rise of 13.6%. At SR1.1 trillion, SNB AlAhli had the biggest asset base, followed by Al Rajhi Bank at SR974.39 billion. Together, the two banks accounted for 49% of the sector’s total assets. With an expansion of 20.58 percent, Al Rajhi Bank had the fastest asset growth, followed by Saudi Investment Bank, which increased by 20.53 percent to reach SR156.67.
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