{"id":91184,"date":"2024-11-04T00:00:00","date_gmt":"2024-11-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/04\/saudi-banks-report-record-net-income-of-sar-20-5-bn-in-3q-2024\/"},"modified":"2024-11-04T00:00:00","modified_gmt":"2024-11-04T00:00:00","slug":"saudi-banks-report-record-net-income-of-sar-20-5-bn-in-3q-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/04\/saudi-banks-report-record-net-income-of-sar-20-5-bn-in-3q-2024\/","title":{"rendered":"Saudi banks report record net income of SAR 20.5 bn in 3Q 2024"},"content":{"rendered":"

Saudi banks achieved their highest quarterly net income on record in 3Q 2024<\/strong>, at SAR 20.5 bn, rising 13.5% y-o-y, according to Asharq Al Awsat. On a 9M basis, Saudi banks saw an 11.6% y-o-y increase in net income, amounting to SAR 58.7 bn, compared to SAR 52.6 bn for the same period in 2023.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

Saudi National Bank<\/a><\/strong> recorded the highest net income during the quarter, rising<\/strong> 7.1% y-o-y to reach<\/strong> SAR 5.4 bn.<\/strong> Al Rajhi Bank<\/a> followed, with a 22.8% rise, totaling SAR 5.1 bn. Riyad Bank<\/a> recorded the highest growth rate among Saudi banks, up 27% y-o-y, with the third highest net income of SAR 2.7 bn. Of the 10 Tadawul-listed Saudi banks, only Banque Saudi Fransi experienced a decline in net income, down 7.8% y-o-y to SAR 1.2 bn<\/p>\n

Pressure from liquidity constraints:<\/strong> Despite the generally positive results, banks faced liquidity pressures as financing portfolios grew by 12.4%, outpacing deposit growth of 10.5%. <\/p>\n","protected":false},"excerpt":{"rendered":"

The increase was supported by greater investments and operating income<\/p>\n","protected":false},"author":1,"featured_media":91185,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2617],"tags":[71,19,77,285,10,74,75],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-al-rajhi-bank","tag-banking","tag-banque-saudi-fransi","tag-earnings-watch","tag-enterpriseam-ksa","tag-riyad-bank","tag-saudi-national-bank","wpautop","entry"],"acf":{"mongo_id":"03a08772-4b15-4b6e-baa3-3a324aa2a005","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/188.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi banks report record net income of SAR 20.5 bn in 3Q 2024","related_issue":[91173],"teaser":"The increase was supported by greater investments and operating income","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.6f69ff19-be37-47be-b4c9-cc84bacf8642.mp3"},"yoast_head":"\nSaudi banks report record net income of SAR 20.5 bn in 3Q 2024 - 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