Riyadh, Saudi Arabia— Banks in Saudi Arabia have reported a 9.6 percent increase in aggregate profit to $1.71 billion in July, according to official data.
The Saudi Central Bank, also known as SAMA, said that the aggregate assets of these banks also rose 8.84 percent year on year in July to $1.02 trillion.
The central bank’s monthly statistical bulletin covers the results of banks listed on the Saudi Stock Exchange and some foreign banks operating in the Kingdom.
Deposits in these banks, according to the central bank, rose 9.84 percent annually to reach $650 billion in July.
The report added that loans provided to the private sector surged 9.97 percent year on year in July to $648 billion.
“The numbers reinforce our belief that credit growth in the system will remain robust, primarily driven by corporate loans, despite the prevailing high-interest rate environment,” Al-Rajhi Capital commented on the latest SAMA report.