Saudi Banks’ Aggregate Profit Increases by 3.4% YoY in April
According to the latest figures released by the Saudi Central Bank, the aggregate profit of banks operating in Saudi Arabia increased by 3.4% year on year in April to reach SR5.78 billion ($1.55 billion). However, the report noted that the aggregate profits of Saudi banks fell by SR1.65 billion month on month in April. The aggregate assets of banks operating in Saudi Arabia also increased by 10.81% year on year in April to hit SR3.75 trillion. The combined deposits in Saudi banks witnessed a 10.38% year-on-year rise to SR2.40 trillion by the end of April. Loans provided to private firms increased by 9.67% year on year in April to SR2.36 trillion, highlighting the growth of the non-oil private sector in the Kingdom.