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Tadawul-listed banks post over SAR 14bn profit in Q1

Tadawul-listed banks post over SAR 14bn profit in Q1
NCB’s profit grew 19.6% QoQ
Al Rajhi
1120
0.85% 71.60 0.60
NCB
1180
-1.05% 56.40 -0.60
BSFR
1050
0.00% 41.90 0.00

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.

National Commercial Bank (NCB)’s net profit hit SAR 3.17 billion from January to the end of March, while Al Rajhi Bank’s profit registered SAR 2.89 billion during the same period.

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