Tadawul-listed Saudi banks boosted their investments by 10.3% y-o-y to some SAR 835.4 bn in 2Q 2024, up from SAR 757.2 bn in 2Q 2023, according to data compiled by Mubasher.

Leading the pack: The National Commercial Bank’s investments rose 8.3% y-o-y at SAR 286.7 bn last quarter, marking the highest investment value among the Kingdom’s lenders, although Al Rajhi Bank logged the largest increase both in terms of value and in percentage terms with SAR 153 bn in investments (up 27% y-o-y). Saudi Awwal Bank came in third in terms of total investment value during 2Q 2024 with SAR 92 bn in investments at a 1.1% increase.

Bucking the trend: Aljazira Bank was the only public bank tracked by Mubasher that saw a drop in its investments during the second quarter, declining 4.7% y-o-y to SAR 34.6 bn.

Public lenders saw a 10.5% y-o-y increase in total assets to SAR c. 4 tn by the end of 2Q 2024, up from SAR 3.6 tn in the same quarter last year, according to a separate report by Mubasher. The assets of listed lenders rose 2.8% q-o-q to SAR 3.95 tn last quarter.

Bank assets were up across the board: The National Commercial Bank led the pack with a 9.2% uptick putting its assets at SAR 1.1 tn. Al Rajhi Bank followed with assets growing 10.6% at SAR 867 bn, while the assets of Riyad Bank were up 4.1% to SAR 405 bn.

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