Saudi Arabia’s banking sector extended its winning streak in April, posting SR7.77 billion ($2.07 billion) in pre-zakat and tax profits, up 16% year-on-year, according to the Saudi Central Bank (SAMA).
This lifted year-to-date profits to SR32.97 billion, reflecting 20% annual growth, reinforcing expectations for another record-breaking year.
The surge is powered by state spending on giga-projects, resilient consumer demand, and elevated interest rates. Financing activity remains strong, led by corporate borrowers in sectors like manufacturing, utilities, insurance, and private education.
Contractors are also racing to secure long-term funding for mega initiatives such as NEOM, Diriyah, and the Jafurah gas field.
The regional picture is also brightening: A Kamco Invest report shows Gulf banks earned a record $15.6 billion in Q1 2025 — up 8.6% from last year.
UAE banks posted the biggest absolute profit increase, while Saudi banks led in growth rate, soaring 17.2% year-on-year.
Kamco noted rising fee income, controlled operating costs, and falling loan-loss provisions, helping offset minor declines in net interest income.
Investor confidence is evident: Forbes Middle East’s 2025 list of the “30 Most Valuable Banks” includes 10 Saudi banks with a combined $269 billion market cap, nearly one-third of the total.Al Rajhi Bank led at $105.6 billion, followed by Saudi National Bank at $54.7 billion.