Weekly Market Brief – 3/31/2023

Saudi Arabia Macroeconomic Developments

• The Saudi Central Bank (SAMA) increased its investments in treasury bonds by SAR4.7 billion ($1.25 billion) MoM to SAR516 billion ($137.6 billion) in February.

• Saudi banks posted a 7.5 percent rise in aggregate net profit before zakat and tax to nearly SAR5.18 billion ($1.38 billion) in February, according to SAMA. Their aggregate assets grew by 11 percent YoY, combined deposits increased 8 percent YoY, and loans to the private sector rose over 11 percent YoY by the end of February.

• SAMA’s total assets grew by SAR830 million ($221.3 million) MoM to SAR1.92 trillion ($512 billion) in February while its investments in foreign securities decreased by over 7 percent.