Saudi banks say currently difficult to assess financial impact of COVID-19

Eleven Saudi-listed banks said in separate bourse statements on Tuesday it is currently difficult to assess the financial impact of the precautionary measures taken to limit the spread of COVID-19 pandemic, given the inability to determine how long these measures will be in place.

These banks are Al Rajhi Bank, National Commercial Bank (NCB), Saudi British Bank (SABB), Riyad Bank, Bank Aljazira, Samba Financial Group, Alinma Bank, Saudi Investment Bank (SAIB), Bank Albilad, Banque Saudi Fransi and Arab National Bank (ANB).

Any significant developments will be announced in due course, the banks added.

Meanwhile, all banks have resumed operations at their branches and remittance centres in compliance with the Saudi Arabian Monetary Authority’s (SAMA) directives.

They confirmed the strength of their financial soundness indicators and the ability to stand the current economic challenges.