The Saudi Capital Market Authority announced that Saudi banks’ profits rose in April 2026 by 6.1% compared with the previous year, reaching 7.9 billion riyals (US$2.1 billion). This growth reflects the increasing strength of the Saudi banking sector and its ability to keep pace with economic shifts.
This strong performance resulted from several key factors, including sustainable growth in the loan portfolio, improved asset quality, and the expansion of financing services and electronic payment products. Banks also saw higher commission and fee revenues while strengthening their role in supporting Vision 2030 and financing both large‑scale projects and small enterprises.
Boosting Localization in the Banking Sector
In a related development, the Kingdom has begun implementing a decision to raise the localization ratio in government procurement and private‑sector jobs to 70%. This decision is part of supporting the Saudi employment program and encouraging the private sector to hire national talent while reducing reliance on expatriate labor.
This step is part of a series of reforms aimed at diversifying the Saudi economy and reducing dependence on oil, and it is expected to increase job opportunities for Saudis across multiple fields and raise their share in the banking and financial sectors in particular.
