Saudi Arabia’s top 10 banks reported record net profits of SR79.64 billion ($21.23 billion) in 2024, marking a 13.84% annual increase, according to the Saudi Exchange.
The strong performance was fueled by rising loans, lower interest rates, and debt market expansion. SNB AlAhli led the sector with SR21.19 billion in profits (26.6% share), followed by Al Rajhi Bank at SR19.72 billion (24.8%).
Total assets surged to SR4.21 trillion, with Al Rajhi Bank growing the fastest at 20.58%. Lending increased by 14.41% year-over-year, reaching SR2.81 trillion, while deposits rose 7.87% to SR2.68 trillion.
The Saudi Investment Bank recorded the highest loan growth rate of 23.18%, while Riyadh Bank led deposit growth at 20.21%.
With Vision 2030 driving corporate lending, bank profitability is expected to remain strong in 2025, supported by stable credit growth and easing interest rates.