Listed Saudi banks delivered solid earnings in 1Q 2024, with their combined net income rising 8.2% y-o-y to SAR 18.7 bn, Mubasher reports, citing Tadawul data it has compiled on 10 locally listed lenders. Total bank earnings grew 7.4% q-o-q in the first quarter of the year.

The Saudi National Bank (SNB) accounted for the lion’s share of this season’s gains, generating 27% of local banks’ total net income in 1Q 2024. SNB’s bottomlinerecorded a 0.4% y-o-y uptick to SAR 5 bn.

Al Rajhi Bank came in second, reporting SAR 4.4 bn in net income, up 6.3% y-o-y in the first quarter. Riyad Bank was third with a bottomline of SAR 2.1 bn over the same period, up 2.6% y-o-y. Al Awwal Bank, Alinma Bank, Arab National Bank, Saudi Fransi Bank, Bank Albilad, Saudi Investment Bank, and Bank AlJazira followed suit in that order.

A snapshot of 2023’s results: Listed Saudi banks reported 11.9% y-o-y growth in net income to SAR 70 bn in 2023, up from SAR 62.5 bn a year earlier.

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