Saudi banks achieved the highest quarterly profits in their history at the end of the third quarter of this year reaching about 18 billion riyals ($ 4.8 billion) due to high interest rates on the one hand, and the high volume of deposits and diversification of their products that they offer to their customers on the other hand.
The profitability of Saudi banks increased by 1.5 billion riyals compared to the same quarter of 2022, continuing to grow in profits for the third consecutive quarter, according to its announcements of its financial results in the Saudi Stock Exchange (Tadawul).
The net profits of the 10 banks listed on the Saudi stock market during the third quarter amounted to about 18.08 billion riyals, compared to 16.61 billion riyals from the same quarter in 2022, and the results of 8 banks, including a year-on-year growth in net profits.
Source (Al-Asharq Al-Awsat Newspaper, Edited)
