(MENAFN - Arab News) Profits of all saudi banks grew by 6 percent to sr10.6 billion in the first quarter of 2014 compared to sr10 billion in the same period last year local media said.
profits of the listed banks increased by 5 percent to sr8.1 billion compared to sr7.6 billion in the mentioned periods according to an analytical study made by al-eqtisadiah daily.
quarter-to-quarter basis profits of all banks rose by 25 percent in q1 compared to figures of q4 of 2013 where profits stood at sr8.5 billion. however profits of the listed banks grew by 20 percent in q1 compared to q4 profits which reached sr6.7 billion the report said.
all the banks with the exception of al-rajhi bank posted y-o-y growth at rates ranging between 33 percent (alinma bank) and 5 percent (arab national bank). profits of al-rajhi dropped by 17 percent the report said.
on the other hand share of the national commercial bank (ncb) to the overall profit growth of the banking sector was the biggest during q1 at 33 percent (sr203 million). ncb's profits stood at sr2.5 billion in q1 compared to sr2.3 billion in the comparable period last year or an increase of 9 percent the report said.
banque saudi fransi (bsf) was the second biggest driver to the banks' profit growth at 28 percent (sr172 million) where it achieved sr856 million in q1 compared to sr684 million in the same period last year or an increase of 25 percent.
meanwhile share of saudi british bank (sabb) to the banks' profit growth stood at 21 percent (sr133 million) where it posted sr1.1 billion compared to sr948 million or an increase of 11 percent.
riyad bank was the fourth biggest driver of the banks' profit growth at 21 percent (sr128 million) where its profits grew to sr1.1 billion compared sr951 million or an increase of 13 percent in the same period last year the report said.
shares of other banks to the banks' overall profit growth during q1 varied as follows: samba financial group (sfg) at 13 percent or sr82 million (7 percent); alinma bank at 12 percent or sr72 million (33 percent); saudi hollandi bank (shb) at 11 percent or sr71 million ( 20 percent); anb at 6 percent or sr34 million (5 percent); bank albilad at 5 percent or sr31 million (22 percent); the saudi investment bank (sib) at 4 percent or sr23 million (7 percent); and bank aljazira at 2 percent or sr15 million (10 percent) the report said.