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