Number of bank branches in Saudi Arabia falls to 1,901 in 2023

The number of bank branches in Saudi Arabia reached 1,901 by the end of 2023, down 26 from 1,927 branches a year earlier.

This is the lowest number of Saudi bank branches in almost nine years, or since November 2014, when the count reached 1,891.

A total of 39 new branches opened last year, while 65 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:

2023 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 (seven branches) and Gulf International Bank, National Bank of Kuwait, and First Abu Dhabi Bank with three branches each.

Foreign banks with branches in the Kingdom include France’s BNP Paribas, Germany’s Deutsche Bank, Bank Muscat, National Bank of Bahrain, JPMorgan Chase, National Bank of Pakistan, Ziraat Bank Turkey, Industrial and Commercial Bank of China (ICBC), Qatar National Bank (QNB), Bank of Tokyo-Mitsubishi UFJ, Credit Suisse, Standard Chartered, National Bank of Iraq, and Sohar International Bank.

The number of Saudi-based bank branches decreased to 1,861 by the end of 2023. Al Rajhi Bank led with 509 branches, followed by Saudi National Bank (SNB) (470), Riyad Bank (237), and Arab National Bank (ANB) (127), as follows:

Geographically, Riyadh had the highest number of bank branches, with 584. Makkah and Eastern Province followed with 376 and 356 branches, respectively, as indicated below:

Average assets per branch rose to SAR 2.08 billion by the end of 2023, from SAR 1.87 billion by the end of 2022.

Average loans increased to SAR 1.32 billion per branch, with average deposits rising to SAR 1.30 billion per branch, as the following table shows: