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  • Saudi Arabia’s wealth fund hires banks for debut green bonds

    Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has hired banks including Citi and JPMorgan to arrange a debut issuance of multi-tranche U.S. dollar-denominated green bonds, a document showed on Tuesday. Sources told Reuters earlier this month that PIF would issue the long-planned green bonds this month or in October.

  • Saudi ministry signs infrastructure financing deals with banks worth $6.65 billion

    Saudi Arabia’s finance ministry has signed financing agreements with local banks worth 25 billion riyals ($6.65 billion) to fund infrastructure projects due to start in 2023-2024, the National Debt Management Center said on Wednesday.

  • Profits of Saudi banks jump 54% in July

    Saudi banks listed on Tadawul logged SAR 5.81 billion ($1.55 billion) in net earnings before Zakat and tax in July 2022, compared to SAR 3.76 billion ($1 billion) in July 2021, according to data collected by Mubasher based on official figures. During the first seven months of the year, accumulated profits of the banks operating in the kingdom increased by 34.50% or SAR 9.96 billion ($2.66 billion) yearly to SAR 38.80 billion ($10.35 billion), compared with SAR 28.84 billion ($7.69 billion).

  • Many Saudi banks shut down branches due to increased digitalization

    A report by SAMA released a few days ago hints that the country is adopting digital-first payment as the primary mode of transactions. It further suggests that the Saudi government leads the push toward a digital economy, and the payments made by the government agencies are made electronically.

  • Saudi commercial banks’ June deposits grew 8.7%, its highest in 16 months

    Saudi commercial banks’ deposits grew by SR53.5 billion ($14.2 billion) in June, the Saudi Central Bank, also known as SAMA, revealed on Sunday. The aggregate sum of time and savings deposits surged 8.7 percent year on year, the highest rate of change since February 2021.

  • Saudi Central Bank transforms connectivity between banks and government agencies

    As per the Saudi news agency, the program named “Tanfeeth” is part of SAMA’s strategic objective to upgrade its IT infrastructure and optimise administrative processes including speed, quality, and integration with financial institutions operating in Saudi Arabia in line with Saudi Vision 2030.

  • Saudi Arabia Banks Facing $43 Billion Tab Get a Rates Breather for Now

    Saudi Arabia’s cash injections into banks brought immediate liquidity relief for an industry still in the grip of a funding challenge. The interest rate banks charge one another for loans had its biggest two-decline since the height of the global pandemic in March 2020 after policy makers acted to address the worst funding crunch in over a decade. The Saudi Central Bank, known as SAMA, in recent days placed about $13 billion as time deposits with commercial lenders, according to people familiar with the matter.

  • Saudi Arabia Injects $13 Billion in Liquidity-Starved Banks

    Growth in bank deposits has lagged behind Saudi credit expansion driven largely by a boom in mortgages. That has squeezed the money market while the government withholds its oil windfall as part of a more conservative approach to fiscal spending. Saudi Arabia is set for another year of double-digit growth in consumer lending while deposits are up less than 4% so far in 2022. In 2020, the central bank extended over 100 billion riyals to local banks in liquidity injections and to cover the costs of loan deferrals for small businesses hit by the pandemic.

  • Saudi Arabia Injects $13 Billion in Liquidity-Starved Banks

    Growth in bank deposits has lagged behind Saudi credit expansion driven largely by a boom in mortgages. That has squeezed the money market while the government withholds its oil windfall as part of a more conservative approach to fiscal spending. Saudi Arabia is set for another year of double-digit growth in consumer lending while deposits are up less than 4% so far in 2022. In 2020, the central bank extended over 100 billion riyals to local banks in liquidity injections and to cover the costs of loan deferrals for small businesses hit by the pandemic.

  • Top 10 Saudi banks post 15.5% surge in 2021 net income

    The aggregate loans and advances grew 14.2% year-over-year as all the top ten banks reported a growth, however deposit mobilization slowed down in FY’21, according the latest Saudi Arabia Banking Pulse for FY 2021 released by professional services firm Alvarez & Marsal