Riyadh: In what will be a historic first, the total market value of Saudi banks is approaching the SR1trillion mark, according to a study carried out by Okaz/Saudi Gazette.
The combined share value of the ten local banks at the end of trading on Sunday was about SR968.88 billion, just SR31.12 billion away from SR1 trillion.
The Al-Rajhi Bank, in terms of share valuation, was the top bank at SR335.5 billion, which is the equivalent of 34.63 percent of the total value of the banking sector in the Kingdom. The National Commercial Bank (Al-Ahli Bank) stood second, valued at SR288.38 billion, 29.76 percent of the Saudi banking sector’s value.
Al-Ahli’s position comes about as the result of its merger with Samba Group.
Riyad Bank holds the third with about SR82.2 billion valuation 8.48 percent share of the banking sector’s value. SABB, which recently merged with “Alawwal” Bank, with a market value amounting to SR68.22 billion and 7.04 percent market share, followed at the fourth position.
Sunday’s trading saw the shares of Al-Ahli and Alinma make history by recording their highest prices, with the unit price of Al-Ahli shares selling for SR64.7, while that of Alinma quoted at SR24.86.
The study also shows steady levels of deposits at the Saudi banks for the fourth consecutive month. The total deposits were reported at SR2.03 trillion, of which SR1.31 trillion is the demand deposit.