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Saudi Banks Record SR7.43 Billion Profit in March, Assets Up by 11.17% Year-on-Year, According to SAMA Report

The latest data from the Saudi Central Bank indicates that banks in Saudi Arabia collectively earned a profit of SAR 7.43 billion ($1.98 billion) in March, which represents a 23.2 percent increase from the same month in the previous year.

The Saudi Central Bank’s monthly statistical bulletin includes the results of Tadawul-listed banks and some foreign banks operating in Saudi Arabia, and it reports that these banks’ assets grew by 11.17 percent year-on-year to SAR 3.74 trillion in March.

Additionally, the bulletin revealed that the total deposits in these banks increased by 11 percent year-on-year to SAR 2.40 trillion in March.

Furthermore, the report indicated that the loans provided to private entities in Saudi Arabia grew by over 10 percent year-on-year to SAR 2.35 trillion by the end of March, which suggests an expansion in the non-oil private sector.