In 2024, Saudi Arabia's top 10 listed banks reported record profits, achieving net earnings of SR79.64 billion, equivalent to $21.23 billion. This represents a significant 13.84 percent increase from the previous year, as reported by the Saudi Exchange. Key drivers behind this robust financial performance include strong credit growth, declining borrowing costs, and increased involvement in debt markets.

Leading the sector, Saudi National Bank (SNB AlAhli) accounted for a substantial 26.6 percent of the total profits, with a remarkable SR21.19 billion. Al Rajhi Bank followed closely, contributing to 24.8 percent of the profits. Together, these two banks were responsible for over half, 51.4 percent, of the sector's profits.

In terms of annual profit growth, Arab National Bank topped the list with an impressive 21.98 percent increase, resulting in SR4.97 billion in net profits. Although Bank AlJazira holds a smaller share of the sector's profits at 1.5 percent, it still recorded a 20.69 percent rise to reach SR1.23 billion.

The combined total assets of the top 10 banks grew to SR4.21 trillion, a notable 13.6 percent increase. SNB AlAhli and Al Rajhi Bank held the largest asset bases, accounting for 49 percent of the sector's total assets. Notably, Al Rajhi Bank experienced the fastest asset growth, expanding by 20.58 percent.

Forecasts for 2025 suggest sustained profitability in the Saudi banking sector, driven by ongoing investment in Vision 2030 projects. The S&P Global report projects a 10 percent increase in bank lending, primarily from corporate loans.

Lending growth was particularly strong, with total loans and advances to customers reaching SR2.81 trillion, marking a 14.41 percent increase. Al Rajhi Bank led in loan issuance with a 16.8 percent growth. Meanwhile, deposits rose by 7.87 percent, totaling SR2.68 trillion, and a growing reliance on international debt issuance aligns with long-term growth strategies.

The GCC region's banking sector is predicted to issue over $30 billion in US dollar-denominated debt in 2025, fueled by $23 billion in maturing debt and solid credit demand. This trend is supported by stable oil prices, which bolster investor confidence.

In summary, the Saudi banking sector's remarkable profitability and strategic debt management underscore its resilience and adaptability in a dynamic economic landscape.