Saudi banks’ assets rise 14.1% in Q3

Assets of 11 Tadawul-listed lenders stood at $716mln in Q3-20

Image used for illustrative purpose.

Image used for illustrative purpose.

Riyadh –  Assets of Saudi banks listed on the Saudi Stock Exchange (Tadawul) grew by 14.1% on a year-on-year (YoY) basis in the third quarter (Q3) of 2020, equivalent to SAR 331.615 billion ($88.43 billion).

Assets of 11 Tadawul-listed lenders stood at SAR 2.686 trillion ($716.23 billion) in Q3-20, compared with SAR 2.354 trillion ($627.79 billion) in Q3-19, according to data collected by Mubasher based on the banks’ earnings releases.

Riyad Bank achieved the highest quarterly rise in assets by 23.1% yearly to SAR 308.56 billion ($82.28 billion).

Moreover, National Commercial Bank (NCB) logged the highest assets by the end of the third quarter at SAR 577.08 billion ($153.89 billion), an annual hike of 16.2%.

Al Rajhi Bank took the second spot as its assets jumped by 16.97% YoY in the July-September period to reach SAR 430.3 billion ($114.75 billion).

Bank Aljazira and Bank Albilad registered the lowest assets during the quarter ended in September 2020 at SAR 91.91 billion ($24.51 billion) and SAR 92.29 billion ($24.61 billion), respectively.

Meanwhile, the Saudi British Bank (SABB) and Saudi Investment Bank (SAIB) recorded the highest quarterly decline in assets by 2.12% each on an annual basis.

Total assets of SABB and SAIB during Q3-20 amounted to SAR 263.95 billion ($70.39 billion) and SAR 98.34 billion ($26.22 billion), respectively.

Source: Mubasher

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