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Tuesday, April 23, 2024

Saudi banks earn $1.71 billion, a 9.64% increase

If you look at how much money banks in Saudi Arabia made this July, you’ll see they’re doing pretty well. The official data says they pulled in about $1.71 billion. That’s a jump of nearly 10% compared to what they made the same month last year, which was around $1.55 billion. So, it’s clear that these banks are on an upward trend when it comes to earnings.

So, SAMA is like the big bank of Saudi Arabia. They just told us something new. Compared to last July, the money and things owned by banks have increased. It’s gone up almost 9%. The new total? A big SR3.84 trillion.

Each month, SAMA shares a simple update. It tells us how well Saudi banks are doing. These banks are listed on the Saudi stock market. The update also talks about some banks from other countries that do business in Saudi Arabia.

In July, the total money stored in these Saudi banks reached a whopping 2.44 trillion SR. This is a big deal because it’s almost a 10% increase compared to the amount from a year ago, according to the report.

The latest report has some big news. In July, private companies saw a noticeable increase in the loans they received. The new total amount reached SR2.43 trillion. This is almost a 10% boost compared to the same time last year. This important rise in loans was a key point in the report.

“Al-Rajhi Capital says that the latest SAMA report backs up their strong belief. Even in a setting where interest rates are high, they see the world of credit continuing to expand. The main engine for this growth? Corporate loans. So, yes, the numbers tell us that we can expect steady credit growth in the system, no matter the challenges.”

In July, the Saudi banks Arabian Monetary Authority (SAMA) saw its total assets decrease by 2.73 percent. That’s a drop of SR46.5 billion, bringing the total assets down to SR1.78 trillion. Just a month ago, SAMA’s assets stood at SR1.83 trillion.

Last month, SAMA experienced a significant reduction in its total assets. The decrease amounted to an eye-opening SR219.8 billion on a yearly comparison. This notable decline is a topic worthy of discussion and further analysis.

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