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Saudi banks’ net profit grows 7% in Q1

Saudi banks’ net profit grows 7% in Q1
Banks’ investment portfolio significantly rose in the first three months of 2018
Alawwal Bank
1040
1.45% 19.58 0.28
Default Company
1120.O
0.00% 0.00 0.00
Default Company
1180.O
0.00% 0.00 0.00

Default Company
1150.O
0.00% 0.00 0.00
BJAZ
1020
18.91% 20.00 3.18

By: Thabet Shehata

Riyadh – Mubasher: Consolidated profits of banks operating in Saudi Arabia increased 7.4% year-on-year to SAR 12.51 billion in the first three months of 2018, up from SAR 11.64 billion.

Banks’ investment portfolio significantly rose in the first three months of 2018, whereas bank lending and deposits inched down, according to Mubasher’s statistics.

Investment portfolio jumped 15.56% to SAR 435.3 billion in January – March, compared to SAR 367.14 billion in the comparative period of 2017.

On the other hand, bank lending decreased 1.65% to SAR 1.37 billion during Q1-18, from SAR 1.4 billion in the same period a year before.

Meanwhile, bank deposits shed 0.85% to SAR 1.65 trillion by the end of Q1-18, compared to SAR 1.66 trillion in the corresponding period of 2017.

The Saudi National Commercial Bank (NCB) posted a net profit of about SAR 3 billion during Q1-18, compared to SAR 2.7 billion in Q1-17, reporting a 10.5% increase. NCB’s profits represented 24% of banks’ total profits in Q1-18.

NCB’s investment portfolio grew 5.17% to SAR 107.98 billion, whereas the lender’s loans and deposits portfolios fell 0.56% and 1.48% to SAR 252.78 billion, and SAR 309 billion, respectively.

Al Rajhi Bank’s profit levelled up 7.3% to SAR 2.38 billion during the first three months of 2018, from SAR 2.22 billion in the year-ago period, making up 19% of total profits of Saudi banks, the statistics showed.

Al Rajhi’s investment portfolio surged 57.6% to SAR 25.84 billion, coupled with a 4.66% growth in deposits to SAR 283.9 billion, while its loans portfolio edged down 0.16% to SAR 229.42 billion.

In the same vein, Bank AlJazira reported a net profit of SAR 245 million in Q1-18, up from SAR 216 million in the prior-year period.

Bank AlJazira’s investment portfolio jumped 34% to SAR 16.25 billion in the three-month period ended March 2018, along with a 1.57% increase in deposits to SAR 50.6 billion. The Saudi bank’s loans tumbled 5.3% to SAR 39 billion.

Alinma Bank’s net profit surged 38.24% to SAR 582 million during Q1-18, compared to SAR 421 million in the year-ago period.

On the other hand, Alawwal Bank’s profits retreated 11.7% to SAR 286 million in Q1-18, versus SAR 324 million in the comparative period of 2017.

 

Translated by: Mohamed Hesham Azab