The Saudi Arabian banks announce a 14 percent increase in total profits

(MENAFN) Data from the Saudi Central Bank (SAMA) have shown that banks listed in Saudi Arabia increased their total profit before zakat by 14 percent and taxes of SR 4.02 billion (approx. 851 USD) against SR 3.53 billion a year earlier.

The data includes 11 publicly traded banks and some foreign banks operating in the UK.

According to the financial news portal Argaam, total bank assets rose by more than 11 percent annually to SR 3.035 trillion in March, combined deposits rose by 9 percent annually to SR 1.980 trillion in the month indicated, while lending to the private sector improved by 15 percent annually to around 1,871 billion SR by the end of March.

“The obvious reason for the 14 percent increase in net profit for Saudi banks is the positive return of the banking sector to normal business operations after a long (partial and full) lock-up period of more than 70 days. between March and May last year due to the COVID19 pandemic as part of the precautionary measures taken by the Saudi government to prevent the virus from spreading, “Arab News quoted Talat Zaki Hafiz, a financial analyst and banking professional.

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