Five Saudi banks announced today, Sunday, a double-digit growth in their profits for the second quarter of 2021, benefiting from a decline in credit loss provisions. The combined profits of the five banks listed on the Saudi Stock Exchange "Tadawul" reached approximately 7 billion riyals in the second quarter of this year, compared to about 4.8 billion riyals during the same period last year, with growth exceeding 46% (the dollar equals 3.75 riyals).
Leading these banks in terms of profit growth was Banque Saudi Fransi with a 76% increase, followed by Al Rajhi Bank with 48%, Riyad Bank with 42%, Bank Albilad with 31%, and lastly, Alinma Bank with a 24% growth.
**Key Indicators for Q2:**
- **Al Rajhi Bank:**
- Profit increased by 48% to reach 3.6 billion riyals.
- Total operating income grew by 31.8% to 6.3 billion riyals.
- Operating expenses rose by 10.6% due to increased general and administrative expenses, as well as employee salaries and benefits.
- Credit loss provisions increased by 27.5% to 584 million riyals.
- Loan and financing portfolio grew by 42% to 390.3 billion riyals.
- **Banque Saudi Fransi:**
- Net profit rose by 76% to reach 770 million riyals.
- Total operating expenses decreased by 25.7%.
- Credit loss provisions were 267 million riyals compared to 634 million riyals in the same period last year.
- Loan and financing portfolio grew by 4.4% to 390.3 billion riyals.
- **Riyad Bank:**
- Net profit increased by 42.2% to reach 1.5 billion riyals.
- Credit loss provisions were around 229 million riyals compared to 570 million riyals in Q2 2020, a decrease of 59.8%.
- Loan and financing portfolio grew by 9.1% to 141.8 billion riyals.
- **Bank Albilad:**
- Net profit rose by 31% to reach 416.1 million riyals.
- Operating income grew by 13%.
- Net credit loss provisions were approximately 136 million riyals compared to 146 million riyals in Q2 2020, a decrease of 7%.
- Loan and financing portfolio grew by 22% to 79.1 billion riyals.
- **Alinma Bank:**
- Net profit grew by 24% to reach 710.3 million riyals.
- Total operating income increased by 24.2%.
- Loan and financing portfolio grew by 16% to 119.6 billion riyals.
