Saudi banks open 5 new branches in H1 2018

Banks operating in Saudi Arabia opened five new branches, but closed down six others in H1 2018, according to the central bank’s latest bulletin.

The recent additions brought the total number of branches in the Kingdom to 2,078, compared to 2,079 by the end of 2017.

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 decline came as Al Rajhi Bank and Arab National Bank (ANB) shut two branches each. Two other branches were closed down by Saudi British Bank (SABB) and State Bank of India.

Meanwhile, Saudi Investment bank (SAIB) inaugurated two branches, with Alinma Bank, Bank Aljazira and Emirates NBD opening one branch each.

Saudi-listed banks had 2,063 branches by the end of the first half, topped by Al Rajhi (552 branches), National Commercial Bank (400) and Riyad Bank (340).

Riyadh had the biggest number of bank branches (627). Makkah region followed with 445 branches, and the Eastern Province (402 branches).

Average assets of each branch rose to SAR 1.113 billion in H1 2018 from SAR 1.109 billion by the end of 2017. Average deposits increased to SAR 687 million per branch, while loans retreated to SAR 777 million, data compiled by Argaam showed.

*Its sole branch in the Kingdom