Tuesday July 23rd, 2024
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Saudi Banks Hit Record-Breaking Profits of USD 1.96 Billion

The Saudi National Bank has reported an unprecedented 14-month high in profits, and a 12.4% increase in non-oil exports.

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Saudi Banks Hit Record-Breaking Profits of USD 1.96 Billion

The Saudi National Bank has reported a 14-month high in profits. The Central Bank of Saudi also reported that the total earnings of all Saudi banks hit a record-breaking high of USD 1.96 billion in May.

From the beginning of the year until the end of May, banks recorded a cumulative profit of SAR 34.78 billion. Profits before taxes and zakat (2.5% to be distributed to Muslims in need) increased by 9% between April and May 2024.

Saudi Arabia’s non-oil exports, consisting of commodities like rubber, plastic, aircraft vessels and other mechanical appliances, have risen by almost 12.4% in April 2024.

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