Bank branches in Saudi Arabia up at 1,907 in Q1 2024

The number of bank branches in Saudi Arabia reached 1,907 by the end of Q1 2024, up by six from 1,901 branches a year earlier.

A total of 11 new branches opened in Q1 2024, while five others closed down, according to the latest bulletin issued by the Saudi Central Bank (SAMA).

The table below shows the development in the number of bank branches operating in the Kingdom since 2006:

The first quarter witnessed the closure of several branches and the opening of new ones, as shown in the following table:

As many as 10 Tadawul-listed banks operate in the Kingdom. This is in addition to 18 foreign banks, including Emirates NBD (18 branches) and Gulf International Bank, National Bank of Kuwait, and First Abu Dhabi Bank with three branches each.

Industrial and Commercial Bank of China and Qatar national Bank (QNB) each has two branches in Saudi Arabia.

Foreign banks which operate one branch in the Kingdom include, Shohar International Bank, National Bank of Iraq, Standard Chartered, Credit Suisse, MUFG Bank, Ziraat Bank Turkey, National Bank of Pakistan, JPMorgan Chase, National Bank of Bahrain, Germany’s Deutsche Bank, Bank Muscat and France’s BNP Paribas.

The number of Saudi-based bank branches decreased to 1,864 by the end of Q1 2024. Al Rajhi Bank led with 509 branches, followed by Saudi National Bank (SNB) (474), Riyad Bank (238), and Arab National Bank (ANB) (125), as follows:

Geographically, Riyadh had the highest number of bank branches of 584. Makkah and Eastern Province followed with 379 and 358 branches, respectively, as indicated below:

Average assets per branch rose to SAR 2.15 billion by the end of Q1 2024, from SAR 2.08 billion by the end of 2023.

Average loans increased to SAR 1.36 billion per branch, with average deposits rising to SAR 1.36 billion per branch, as the following table shows: