Five Saudi Banks Achieve Record Profits of $14 Billion in 2024

Photo of the Saudi capital, Riyadh (SPA)
Photo of the Saudi capital, Riyadh (SPA)
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Five Saudi Banks Achieve Record Profits of $14 Billion in 2024

Photo of the Saudi capital, Riyadh (SPA)
Photo of the Saudi capital, Riyadh (SPA)

Five Saudi banks reported record profit growth in 2024, an increase of approximately 12% compared to the previous year, with total earnings exceeding $14 billion (SAR53 billion). The banks include Al Rajhi, National Commercial Bank (NCB), Alinma, Saudi Investment Bank, and Banque Saudi Fransi (BSF).

According to financial disclosures in the Saudi stock market, Alinma Bank recorded the highest growth rate among the five, with profits surpassing SAR5.8 billion ($1.54 billion), marking a 21% increase from the previous year.

Al Rajhi Bank followed, achieving a 19% growth rate, with total profits reaching SAR19.7 billion ($5.2 billion).

Despite posting the highest overall profits—exceeding SAR21.2 billion ($5.6 billion)—NCB reported the lowest growth rate in its history over the past four years, at just 6%.

Saudi Investment Bank recorded an 11% profit increase, reaching SAR1.95 billion ($521.4 million), while BSF saw a 7.6% rise, with total earnings hitting SAR4.5 billion ($1.2 billion).

Three banks—Al Rajhi, NCB, and Alinma—announced total dividend distributions of $3.4 billion (SAR12.6 billion).

NCB declared dividends of SAR6 billion ($1.6 billion) at SAR1 per share, bringing its total distributions for 2024 to SAR11.4 billion ($3 billion).

Al Rajhi Bank announced the highest cash dividend per share at SAR1.46, distributing SAR5.84 billion ($1.56 billion) for the second half of the year, bringing its total 2024 dividends to SAR10.84 billion ($2.9 billion).

Meanwhile, Alinma Bank announced a dividend payout of SAR746.1 million ($199 million) at SAR0.3 per share for the fourth quarter, bringing its total distributions for the year to approximately SAR2.73 billion ($728 million).

Profits Exceed Expectations

Commenting on the financial performance of Saudi banks, Dr. Suleiman Al-Humaid Al-Khalidi, a financial markets analyst and member of the Saudi Economic Association, told Asharq Al-Awsat that 2024 saw a strong financial performance from Saudi banks. This contributed to record-breaking profits in both the fourth quarter and the entire fiscal year, along with generous dividend distributions to shareholders. These earnings surpassed all expectations from financial firms and expert institutions.

Al-Khalidi added that this robust banking performance reflects the strength of the Saudi banking sector and its ability to achieve sustainable growth, reinforcing confidence in the Saudi economy. He noted that the local banking sector ranks among the highest globally in terms of annual profitability and substantial shareholder dividends.

Mohammed Hamdi Omar, Chief Executive Officer of G-World, also said: “We must take a historical perspective when analyzing banking sector profits, considering that Saudi banks have achieved record earnings in recent quarters due to improved cost efficiency, operational enhancements, favorable interest rate environments, and overall market stability.”

In remarks to Asharq Al-Awsat, Omar predicted a 10% increase in corporate lending by Saudi banks in 2025, alongside a rise in banking alliances supporting large-scale projects tied to Vision 2030. He emphasized that local banks would be the primary source of financing for these mega-projects.

He also highlighted a 12% growth in banking sector financing activities in 2024, driven by construction efforts and economic diversification initiatives in Saudi Arabia. He added that Saudi banks are well-positioned to benefit significantly from favorable market conditions and strategic national initiatives, as well as upcoming major events such as Expo Riyadh 2030 and the 2034 FIFA World Cup. These developments position the sector for continuous growth while also addressing challenges related to liquidity, regulatory compliance, and competition with foreign banks increasingly entering the Saudi market.



Egypt Seeks Up to 60 LNG Shipments

A general view of the Nile River from the Egyptian capital, Cairo (Reuters).
A general view of the Nile River from the Egyptian capital, Cairo (Reuters).
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Egypt Seeks Up to 60 LNG Shipments

A general view of the Nile River from the Egyptian capital, Cairo (Reuters).
A general view of the Nile River from the Egyptian capital, Cairo (Reuters).

Egypt is in advanced talks with global energy and trading firms to secure between 40 and 60 shipments of liquefied natural gas (LNG), aiming to meet urgent energy needs before summer demand peaks, according to sources familiar with the matter cited by Reuters.
Cairo is negotiating with companies including Saudi Aramco, Trafigura, and Vitol for LNG supply deals extending through 2028, signaling a strategic shift from exporter to long-term importer amid declining domestic production, Asharq Bloomberg reported.
Sources say the Egyptian Natural Gas Holding Company (EGAS) has received 14 bids for supply contracts ranging from 18 months to three years. The rising demand this year could push Egypt’s monthly LNG import bill to nearly $3 billion starting in July, up from approximately $2 billion last year.
This move reflects Egypt’s effort to lock in long-term contracts to reduce exposure to volatile spot market prices. It also underscores the country’s deepening energy challenges: a sharp drop in gas production, increasing population, and soaring summer temperatures are straining domestic supply and forcing reliance on global markets.
Contract awards are expected next week. Plans call for 110 LNG shipments in the second half of 2025, 254 in 2026, and 130 in the first half of 2027.
One source said bids price LNG at 80 to 95 cents per million British thermal units (MMBtu) above the European benchmark, with payment deferrals of up to 180 days. European gas futures currently trade at about $12 per MMBtu, though LNG cargoes typically sell at a discount.
Egypt is also expanding infrastructure, including the addition of floating storage and regasification units, and is negotiating long-term supply deals with Qatar.
A recent Goldman Sachs report estimated Egypt’s 2024 energy deficit at over $11.3 billion, doubling the current account shortfall to 6.2% of GDP, compared to 3.2% the previous year.
President Abdel Fattah al-Sisi has directed the government to preempt power outages this summer, according to a presidential statement this week.
A government source told Reuters Egypt is also considering importing at least 1 million tons of fuel oil, though LNG remains the preferred option due to its more flexible financing.
With gas output in February hitting its lowest level in nine years, Egypt imported 1.84 million tons of LNG in early 2025—roughly 75% of total 2024 imports, according to S&P Global Commodity Insights.