Bank profits fall to 35 billion riyals last year

Bank profits reached 34.73 billion riyals after zakat and tax in 2020, compared to 45.04 billion riyals in 2019, affected by the results of 6 banks. The consolidated profits were affected by the performance of the Saudi British Bank (SABB), which incurred a net loss of 4.17 billion riyals, compared to a net profit of 2.74 billion riyals in the previous year. 5 banks recorded a decrease in net profits; The most prominent of which was Bank Al-Jazira by 96.6% on an annual basis, and the lowest profits were with a net worth of 33.8 million riyals, followed by Banque Saudi Fransi, with a 50.4% decline, recording 1.55 billion riyals. 5 banks achieved profit growth over the past year; The Saudi Investment Bank was led by an annual increase of 310%, registering 980 million riyals, compared to 239 million in 2019, followed by Bank Albilad with an increase of 8.4%, equivalent to 104.8 million riyals. To reach 1.35 billion riyals. The National Commercial Bank topped the net profit with 11.44 billion riyals, an increase of 39 million riyals over the previous year. To capture 32.9% of the consolidated profits. Al-Rajhi Bank ranked second with a net profit of 10.6 billion riyals, up 4.3% from the previous year. To acquire 30.5%. In terms of the performance of the quarterly results, banks recorded a decrease in fourth-quarter net profits by 5.7% on an annual basis, with a decrease of 587 million riyals compared to the profits of the same quarter of 2019. The total net profits of 11 banks reached 9.69 billion riyals in the fourth quarter of last year, compared to 10.28 billion riyals in the same quarter of 2019.

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