Loans extended by Saudi banks to non-financial government institutions and the private sector as of the end of July 2018 totaled approximately 1,476.4 billion riyals, compared to about 1,467.4 billion during the same period in 2017, representing a marginal increase of 1%
Data from the Saudi Arabian Monetary Authority (SAMA) showed that loans to the private sector reached 1,431.5 billion riyals by the end of July 2018, while loans granted to non-financial government institutions amounted to approximately 45 billion riyals, down by 12 % compared to the same period in 2017.
The growth in the volume of bank loans reflects the strong financial position of Saudi banks, which hold deposits totaling more than 1.6 trillion riyals.
According to SAMA, the net profits of 12 banks listed on the stock market during the first six months of 2018 amounted to approximately 25.16 billion riyals, compared to 22.97 billion riyals for the same period in 2017.
In addition, Al-Ahli Commercial Bank posted the highest profits in the sector during the second quarter of 2018, with net profits of 2.58 billion riyals, compared to 2.4 billion riyals for the same quarter of the previous year, representing an increase of 6.7%
Al Rajhi Bank came in second, as its net profit rose to 2.57 billion riyals in the second quarter of 2018, compared to 2.18 billion riyals during the same period in 2017, representing a 17.74% increase.
