The profits of banks operating in the Kingdom “Saudi and foreign” during last July amounted to 3.76 billion riyals, compared to 4.31 billion riyals in the same period last year, down 12.8 percent, equivalent to 551.3 million riyals.

According to data from the Saudi Central Bank “SAMA”, profits during the first seven months of this year grew 52 percent, reaching 28.84 billion riyals compared to 18.96 billion riyals for the same period last year.

The report includes profits before zakat and taxes for ten national banks, in addition to the branches of 14 foreign banks licensed to operate in Saudi Arabia.

The report includes profits before zakat and taxes for ten national banks, in addition to the branches of 14 foreign banks licensed to operate in Saudi Arabia.

The monthly bank profits since the beginning of the year are as follows: 5.15 billion riyals in January, 3.11 billion riyals in February, 4.02 billion riyals in March, 4.38 billion riyals in April and 4.75 billion riyals in May, while in June it achieved 3.67 billion riyals as the lowest profit in four months.

Average Saudi interbank interest rates (SIBOR) on deposits in riyals for the three-month average fell to 0.793 percent at the end of last month, compared to 0.91 percent at the end of the same month last year.

The rate of repurchase agreements “repo” reached the same level of 1 percent at the end of last month, while the rate of reverse repurchase agreements “reverse repo” amounted to 0.5 percent.

As for the monthly development during the period from the beginning of 1993 to June 2021 (342 months), banks operating in Saudi Arabia recorded the highest profits in their history during January 2020 by about 5.23 billion riyals, while they recorded losses during only seven months. As for the annual development for the same period, banks operating in Saudi Arabia recorded the highest profits in their history during 2019 by about 50.32 billion riyals, up 4.5 percent “2.17 billion riyals” from their levels recorded in 2018, amounting to 48.15 billion riyals, which is the second highest profits in the history of the sector after 2019.

As for the annual development for the same period.