By: Mahmoud Gamal
Riyadh – Mubasher: Banks listed on the Saudi Stock Exchange (Tadawul) saw positive performance during the first quarter of 2019.
A number of 12 Tadawul-listed banks reported a 12.7% year-on-year profit increase in Q1-19, recording SAR 14.1 billion ($3.76 billion), according to data compiled by Mubasher.
Quarter-on-quarter, the Tadawul-listed Saudi banks posted a 15.4% profit hike in Q1-19, reaching SAR 12.23 billion.
NCB’s profit grew 19.6%, or SAR 518 million, QoQ, in the three-month period ended 31 March, while Banque Saudi Fransi’s profit surged 318%, or SAR 857 million, QoQ.
In 2018, Saudi Arabia-listed banks reported an 11.1% YoY increase in profit after zakat and taxes.
Translated by: Muhammad Abdul-Wakeel