Saudi banks open 41 new branches in 2017

Banks operating in Saudi Arabia opened 41 new branches during 2017, or an average of three per month, according to the central bank’s latest bulletin.

The recent additions brought the total number of branches in the Kingdom to 2,079, compared to 2,038 by the end of 2016.

As many as 12 foreign banks are currently operating in the country, including Gulf International Bank (GIB), Emirates NBD, BNP Paribas of France, National Bank of Kuwait (NBK), Deutsche Bank of Germany, Bank Muscat, National Bank of Bahrain (NBB), and JPMorgan Chase & Co. of the United States, Pakistan National Bank, Ziraat Bank of Turkey, State Bank of India and Industrial and Commercial Bank of China.

The National Commercial Bank (NCB) opened 26 new branches last year, while Al Rajhi Bank had 15. Alinma Bank launched nine branches. Riyad Bank opened three branches, Alawwal Bank (two new branches) and one new branch for Saudi Investment bank (SAIB), SAMBA Financial Group (SAMBA) and Qatar National Bank (QNB) each.

Meanwhile, Arab National Bank (ANB) closed down nine of its branches during the year; Bank Albilad shut two branches; Saudi British Bank (SABB) (five branches); while Bank Aljazira closed one branch.

Saudi-listed banks had up to 2,064 branches by the end of last year, topped by Al Rajhi (554 branches), NCB (400) and Riyad Bank (340).

Riyadh has the biggest number of bank branches (631). Makkah region has 442, and the Eastern Province has 405 branches.

Average assets of each branch rose to SAR 1.109 billion in 2017 from SAR 1.107 billion the previous year. Average deposits dropped to SAR 779 million a branch, and loans retreated to SAR 670 million, data compiled by Argaam showed.