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By: Elsayed Gamal
Riyadh – Mubasher: Saudi banks listed on the Saudi Stock Exchange (Tadawul) achieved SAR 1.21 billion ($324 million), or 10.7% year-on-year profit growth in the third quarter of 2018, with the exception of Alawwal Bank’s profits that dipped 22.6%.
Net profits of Tadawul’s banks surged to SAR 12.59 billion ($3.36 billion) during the three-month period ended September, from SAR 11.37 billion ($3.03 billion) in Q3-17, according to Mubasher’s statistics.
Al Rajhi Bank acquired 20.4% of the banking sector’s profits after generating SAR 2.57 billion from July to September.
Around eleven banks in Saudi Arabia achieved a year-on-year profit rise during Q3-18.
Banks’ 9M profit grows 10%
During the first nine months of 2018, profits of the Saudi bourse's lenders went up SAR 3.4 billion, or 9.9% to SAR 37.75 billion, from SAR 34.35 billion in the corresponding period a year earlier.
The National Commercial Bank (NCB) dominated about 21.25% of the banking sector’s profits after achieving SAR 8.02 billion from January to September.
Banks listed on Tadawul comprise of NCB, Samba Financial Group, Al Rajhi Bank, Alawwal Bank, Riyad Bank, the Saudi Investment Bank (SAIB), Banque Saudi Fransi (BSF), Bank Albilad, Alinma Bank, the Saudi British Bank (SABB), Arab National Bank, and Bank Aljazira.
Translated by: Mohammad Hesham Azab