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Profits of Saudi banks down 23% in 2020

Profits of Saudi banks down 23% in 2020
Saudi banks listed on Tadawul logged SAR 34.73 billion in net earnings during the past year.
ALRAJHI
1120
0.40% 99.50 0.40
SAIB
1030
-1.15% 17.14 -0.20
BSFR
1050
0.70% 36.00 0.25

ALBILAD
1140
-1.78% 35.80 -0.65
SNB
1180
0.55% 55.00 0.30
SABB
1060
-2.90% 28.50 -0.85

BJAZ
1020
0.00% 18.14 0.00

Riyadh – Mubasher: Net profits of banks operating in Saudi Arabia tumbled by 22.9% or SAR 10.3 billion on a year-on-year (YoY) basis in 2020.

Saudi banks listed on Tadawul logged SAR 34.73 billion in net earnings during the past year, compared to SAR 45.04 billion in 2019, according to data collected by Mubasher based on official figures.  

The consolidated profits were impacted by the financial performance of Saudi British Bank (SABB), which turned to net losses of SAR 4.17 billion last year, against net profits of SAR 2.7 billion in 2019.

In the meantime, five banks saw their profits decline in 2020. These include Bank Aljazira, which reported lower annual net earnings by 96.6% at SAR 33.8 million, compared to SAR 991 million in 2019.

Meanwhile, Banque Saudi Fransi’s (BSF) net profit for 2020 plunged by 50.4% YoY to reach SAR 1.55 billion.

On the other hand, five banks reported a growth in profits. The list is topped by the Saudi Investment Bank (SAIB), whose net profits surged by 310% annually to SAR 980 million in 2020.

Bank Albilad held the second position with SAR 1.35 billion in net earnings in 2020, up by 8.4% from the previous year.

Moreover, the National Commercial Bank (NCB) logged SAR 11.44 billion in net profit, the highest amongst its peers, posting a SAR 39 million yearly hike and accounting for 32.9% of total consolidated profits.

Al Rajhi Bank came next with net profits of SAR 10.6 billion for 2020, up by 4.3% annually.

In the fourth quarter (Q4) of 2020, the banks’ net profits were down by 5.7% YoY to SAR 9.69 billion.