Saudi Banks Report 16% Annual Profit Increase, Reaching 14-Month High

Monday, 8 July 2024, 07:54

In May 2024, Saudi banks collectively reported an aggregate profit of SAR7.33 billion ($1.95 billion), marking a significant 16% annual increase. This milestone represents a 14-month high for the banking sector in Saudi Arabia, showcasing strong financial performance amidst economic dynamics.
Economymiddleeast
Saudi Banks Report 16% Annual Profit Increase, Reaching 14-Month High

Saudi Banks Achieve Record Profits

In a notable financial feat, Saudi banks accumulated SAR7.33 billion ($1.95 billion) in profits for May 2024.

Significant Annual Growth

This achievement signifies a remarkable 16% year-on-year increase in profits.

  • 14-Month High: The result highlights the sector's sustained growth, reaching a notable high in over a year.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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