Saudi banks earn $2.05mln profits in every hour

JEDDAH – Saudi Arabia’s local banks have recorded total profits, amounting to SR33.63 billion, during the first half of the year 2022.

The value of profits of the banks per hour reached SR7.74 million during the period, according to monitoring carried out by Okaz/Saudi Gazette. There are 1899 branches for 10 local banks in the Kingdom, in addition to the branches of 16 foreign banks.

The combined profits of the Saudi National Bank (SNB –Al-Ahli) and Al-Rajhi Bank amounted to about SR19.82 billion, and this figure is equivalent to 58.93 percent of the profits of all banks.

The Saudi banks are achieving daily profits of SR185.82 million. The average net profits of banks after payment of zakat and tax per hour is estimated at SR6.84 million. The zakat and taxes amounted to a total of SR3.9 billion, it was found in the monitoring.

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