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Major Saudi banks see profit boom in 2022

Saudi National Bank announces its strategic partnership with F11

A report by the Saudi Central Bank (SAMA) revealed an increase in the profitability of the Saudi banking sector, as profitability amounted to SAR 4.8 billion in February 2022, an increase of 55.1% over the same month of the previous year.

According to the monitoring of the reports unit at AlJazira Capital, the money supply increased by 8.7% to SAR 2.330 billion Saudi, compared to the same month of the previous year, supported by the increase in demand deposits by 30.6%, and it also increased by 5.1% from the previous month, supported by the support of Demand deposits increased by 8.8%.
The assets increased from the same month of the previous year by 9.7% to SAR 3,298.9 billion, supported by rising claims in the private sector increased by 14.5% compared to the previous month, by 2.0%, due to an increase in claims on the private sector by 1.7%, according to the report.


The report indicates an increase in liabilities from the same quarter of the previous year by 1.9% to SAR 2,818.4 billion, supported by an increase in provisions increased by 26.1% from the previous month 2.2% as a result of an increase in liabilities between banks by 19.8%.


It also indicates an increase in deposits compared to the same quarter of the previous year by 7.4% to SAR 2,137.6 billion, supported by an increase in corporate deposits and individuals by 5.7% and rose by 1.7% from the previous month, supported by an increase in corporate and individual deposits by 1.5%.

Loans increased from the same month of the previous year by 14.9% to SAR 2.127.6 billion, supported by an increase in long-term loans by 20.5%, and it rose by 1.6% from the previous month, supported by an increase in short-term loans by 4.2%.


The mortgage (contracts) decreased from the same month in the previous year by 38.8% to 11.6 thousand contracts, and the value decreased by 38.6% to SAR 8.8 billion, as contracts declined from the previous month by 39.4% and the value decreased by 27.7%.


Net foreign assets also declined from the same month of the previous year by 44.1% to SAR 49.3 billion. The report sees a decline in foreign assets by 4.6%, as a result of an increase in foreign liabilities by 16.0%.

It also shows an increase in net foreign assets from the previous month, by 7.8%, due to an increase in foreign assets by 4.4%, compared to an increase in foreign liabilities by 5.3%.


The report shows an increase in the total insurance premiums 2021 in the third quarter, where the total value of written premiums amounted to SAR 9.7 billion in the third quarter of 2021, an increase of 9.9% over the same quarter of the previous year, while health insurance increased from the same quarter of the previous year by 14.0%, While vehicle insurance decreased by 4.6%, while gross written premiums increased by 3.8% from the previous quarter.

It pointed to an increase in (net claims) in (the third quarter of 2021), compared to the same quarter of the previous year, at a rate of 7.2% to SAR 6.7 billion, and it also rose from the previous quarter by 3.4%, and health insurance claims increased from the same quarter of the previous year by 5.5 3%, an increase of 2.3% in the same quarter of the previous year, and vehicle insurance claims increased from the same quarter of the previous year by 12.2% and 5.0% from the previous quarter, according to the report.


On the other hand, the consumer price index inflation increased during February 2022 over the same month of the previous year by 1.6 percent, supported by an increase in transportation during the same period by 4.3 percent and food and beverages by 2.4 percent.


Sales increased from the same month of the previous year by 25.2% to 38.9 billion Saudi riyals, and the number of operations increased by 58.2% to 496.3 million, while sales declined from the previous month by 10.7%.

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