Saudi banks open nine new branches in 9M 2018

Banks operating in Saudi Arabia opened nine new branches, but closed down seven others in the first nine months of 2018, according to the central bank’s latest bulletin.

The recent additions brought the total number of branches in the Kingdom to 2,081, 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 Albiald bank. Also, State Bank of India shut down its Saudi Arabia’s branch.

Meanwhile, Emirates NBD opened three new branches. Saudi Investment bank (SAIB) and Alinma Bank inaugurated two branches each, with Bank Aljazira and National Commercial Bank (NCB) opening one branch each.

Saudi-listed banks had 2,064 branches by the first nine months, topped by Al Rajhi (552 branches), NCB (401) and Riyad Bank (340).

Riyadh had the biggest number of bank branches (628). Makkah region followed with 445 branches, and the Eastern Province (404 branches).

Average assets of each branch rose to SAR 1.120 billion in 9M 2018 from SAR 1.109 billion by the end of 2017. Average deposits increased to SAR 786 million per branch, while loans rose to SAR 693 million, data compiled by Argaam showed.