Riyadh – Mubasher: The Saudi banking sector posted highest-ever quarterly earnings of SAR 20.90 billion in the fourth quarter (Q4) of 2024, according to Aljazira Capital’s report.
Five out of ten listed banks posted above consensus earnings, with Saudi Awwal Bank (SAB) and Al Rajhi Bank leading by 8.80% and 8.30%, respectively.
On the other hand, Bank Aljazira and Riyad Bank had biggest earnings misses of 15.50% and 8.60%, respectively.
Bank wise, Banque Saudi Fransi posted the highest net income growth of 35% YoY in Q4-24.
Earnings growth was mainly driven a 10.10% YoY rise in net interest income to SAR 29.20 billion during the October-December period.
Mortgage lending recorded a leap driven by the Cityscape Global 2024 event that took place in November 2024 and saw sales exceeding SAR 20 billion.
Overall, monthly run rate for mortgages hit SAR 10.10 billion in Q4-24, up 53.40% from SAR 6.60 billion in Q4-23.
Total deposits for the sector grew by 8.40% YoY to SAR 2.68 trillion in the three-month period that ended on 31 December 2024.
Riyad Bank logged in the highest growth in deposits of 20.20% YoY in Q4-24, followed by Bank Aljazira with 15% YoY.
