Saudi banks open 15 new branches in 2018

Banks operating in Saudi Arabia opened 15 new branches, but closed down 11 others in 2018, according to the central bank’s latest bulletin.

The recent additions brought the total number of branches in the Kingdom to 2,083, compared to 2,079 by the end of 2017.

As many as 14 foreign banks are currently operating in the Kingdom, 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), 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, Qatar National Bank, First Abu Dhabi Bank and Bank of Tokyo-Mitsubishi UFJ.

Last year, Alinma Bank launched five new branches, compared to Emirates NBD and Saudi Investment bank (SAIB), which opened three branches each. NCB, First Abu Dhabi Bank and Bank of Tokyo-Mitsubishi inaugurated one branch each.

On the other hand, Al Rajhi Bank shut three branches, with Arab National Bank (ANB) and Saudi British Bank (SABB) shutting down two branches each. State Bank of India also closed its branch in the Kingdom.

Bank Aljazira opened one branch, and closed down another one.  

Saudi-listed banks had 2,064 branches by the end of 2018, topped by Al Rajhi (551 branches), National Commercial Bank (401) and Riyad Bank (340).

Riyadh had the biggest number of bank branches (630). Makkah region followed with 444 branches, and the Eastern Province (403 branches).

Average assets of each branch rose to SAR 1.135 billion in 2018 from SAR 1.109 billion by the end of 2017. Average deposits increased to SAR 797 million per branch, with loans per branch rising to SAR 689 million, data compiled by Argaam showed.