Saudi banks listed in the local financial market posted huge profits of $10.05 billion in the first nine months of 2018, according to financial results.
Saudi bank profits for the first nine months of this year jumped by 9.9 percent, compared to the same period last year. This achievement confirms the vitality and strength of the country’s financial sector at a time of fluctuating international oil prices.
According to the financial results, 10 Saudi banks listed on the local financial market announced a new growth in profits for the first nine months of this year with one bank’s growth rate reaching up to 27.9 percent. Only two banks announced a decline in profits by 2 and 18 percent.
In stock news, the index of the Saudi market closed last week at 7662 points with a decline of 1.05 percent, equivalent to 81 points, compared to the previous week’s levels of 7743 points.
Last week was the deadline for the announcement of financial results of the term ending September 30. The total profit of 165 companies – excluding firms that have different financial years – amounted to $23.7 billion, a 1.04 percent increase compared to the same period last year.
These positive developments come as Saudi revenues during the third quarter of this year grew by 57 percent compared to the same quarter in 2017, while total revenues from the start of the year till the end of the third quarter amounted to $176.8 billion, registering a growth of 47 percent over the first nine months of 2017.
