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)
