$ 4.9 Billion Profits of Saudi Banks in the First Quarter Of 2024

  • Riyadh, KSA
  • 6 June 2024
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Alvarez & Marsal, a global consulting firm, revealed that Saudi banks achieved net income in the first quarter of the fiscal year of $ 4.9 billion, up 6 percent quarter-on-quarter.

Saudi banking sector deposits grew by 5.9 percent, faster than the 3.5 percent growth rate of loans and advances, resulting in a 2.2 percent quarter-on-quarter decline in the loan-to-deposit ratio.

Alvarez & Marsal expects the profit prospects of these banks to continue to decline as a result of the reversal of interest rates during the second half of 2024, thus putting pressure on profitability and margins.

Source (Al-Sharq Al-Awsat newspaper, Edited)

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