News Column

Profits of Saudi banks rise 8.5% to SR21.7 billion in H1

July 18, 2014







Profits of banks listed on the Saudi stock exchange showed a significant increase.

RIYADH: SHARIF M. TAHA

Profits of the commercial banks in the Kingdom rose by 8.5 percent to SR 21.7 billion in the first half of the current year (2014) compared to SR20 billion in the same period last year, according to a financial report.

Meanwhile, the accumulated profits of the Saudi banks in the Q2, 2014, reached SR 11.1 billion compared to SR10 billion in the same period last year, or an increase of 11 percent, the report, compiled by El-Eqtisadiyah daily, said.

The growth of accumulated profits in Q2 was boosted by the strong growth of profits of the National Commercial Bank (NCB), the second biggest bank in the Kingdom in terms of capital.

Its profits represented 22 percent and 23 percent of net profits of Q2 and H1, 2014, respectively, the report said.

According to the report, NCB's profits stood at nearly S 2.4 billion in Q2 and SR4.96 billion in H1, 2014.

On the other hand, share of Al-Rajhi Bank to the total accumulated profits of the banking sector stood at 17.5 percent in Q2, followed by Samba Financial Group (SFG) at 11.3 percent, Saudi British Bank (SABB) at 10.4 percent, Riyad Bank at 10.2 percent, the report said.

Net profits of SABB stood at SR1.15 billion and SR2.24 billion in Q2 and H1, 2014, respectively, whereas Riyad Bank realized net profits of SR1.13 billion and SR2.21 billion in the comparative periods, the report said.

Profits of all commercial banks grew during Q2 of the current year with the exception of Al-Rajhi and Gezira Banks whose profits dropped by 8 percent and 0.4 percent, respectively, the report said.

Likewise, profits of the listed banks grew during the first half of the current year with the exception of Al-Rajhi Bank whose profits dropped by 12 percent to SR3.7 billion compared to SR4.2 billion in the same period last year, the report said.


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Source: Arab News (Saudi Arabia)


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