RIYADH: Ten Saudi-listed banks, which comprise the majority of the Kingdom’s banking sector, recorded higher earnings in 2021 from a year earlier, thanks to low provisions for credit losses and pandemic rebound.
Led by Saudi Arabia’s largest valued bank, Al Rajhi Bank, the aggregate annual profit of the ten banks soared over 60 percent on the year to as high as SR49 billion ($13 billion).
Followed by the Kingdom’s biggest lender in terms of assets, Saudi National Bank, or SNB, contributing 26 percent.
The performance was attributed to higher net operating income contributing to the rise, supported by an increase in net income from investment and financing activities.
These two giants made combined profits of almost SR27.5 billion during the year.
Despite being a smaller capped bank, Bank AlJazira made the highest profit jump, with a nearly 2,876 percent jump, to more than SR1 billion in 2021.
The bank results were driven by a fall in net impairment charge for financing, down SR951 million.
Other banks in the list included Riyad Bank, Banque Saudi Fransi, Saudi British Bank, Alinma Bank, Arab National Bank, Bank Albilad, and the Saudi Investment Bank.