Saudi banks’ aggregate profit up 16% to SAR 7.3B in May

Banks operating in Saudi Arabia reported a 16% increase in aggregate net profit before Zakat and tax to nearly SAR 7.33 billion in May, compared to SAR 6.33 billion a year earlier, monthly data issued by the Saudi Central Bank (SAMA) showed.

The data covers the results of Tadawul-listed banks and some foreign banks operating in Saudi Arabia.

Banks' aggregate assets rose by 11% year-on-year (YoY) to almost SAR 4.16 trillion in May.

Deposits grew more than 9% YoY to reach SAR 2.59 trillion in the same month.

May’s loans to the private sector grew by nearly 10.9% YoY to SAR 2.65 trillion.