Saudi National Bank’s (SNB’s) coronation as the Middle East’s largest bank in The Banker’s Top 1000 World Banks ranking for 2022 capped a stellar year for the country’s lenders. Some nine of the 10 Saudi lenders in this year’s Top 1000 achieved a higher position than in last year’s list, with Al Rajhi Bank likely to join SNB in the top 100 in next year’s ranking.
Banking assets in Saudi Arabia grew by 10% to SR3.3tn ($879.43bn) in 2021, the second-highest increase in the country’s history, on the back of a private sector economic recovery and a sharp rebound in oil revenues. Credit grew by 15.5% for the year, underpinned once again by the country’s booming mortgage market, feeding off government initiatives to boost home ownership among Saudi nationals.
