RIYADH: The aggregate profit of banks operating in Saudi Arabia soared 9.64 percent to SR6.37 billion ($1.71 billion) in July, compared to SR5.8 billion in the same month of the previous year, official data showed. The latest report released by the Saudi Central Bank, also known as SAMA, revealed that the aggregate assets of these banks also rose 8.84 percent year on year in July to SR3.84 trillion. SAMA’s monthly statistical bulletin covers the results of banks listed on the Saudi Stock Exchange and some foreign banks operating in the Kingdom. According to the report, deposits in these banks rose 9.84 percent annually to reach SR2.44 trillion in July. The report added that loans provided to the private sector surged 9.97 percent year on year in July to SR2.43 trillion. “The numbers reinforce our belief that credit growth in the system will remain robust, primarily driven by corporate loans, despite the prevailing high-interest rate environment,” Al-Rajhi Capital commented on the latest SAMA report. However, the bulletin revealed that SAMA’s assets dropped 2.73 percent or SR46.5 billion in July to SR1.78 trillion, compared to SR1.83 trillion in the previous month. On an annual basis, SAMA’s assets dipped by SR219.8 billion last month, the report added. According to the report, the central bank’s investments in foreign securities dropped 14 percent in July to SR968.32 billion, compared to SR1.12 trillion in the same month of the previous year. On the other hand, deposits of SAMA in banks abroad rose 6.88 percent in July to SR354.01 billion, compared to SR331.21 billion in the same month of 2022. SAMA’s miscellaneous assets declined by 26.76 percent in July 2023, going down to SR180.49 billion, compared to SR246.45 billion in the same month of the previous year. Earlier this month, SAMA Gov. Ayman Al-Sayari revealed that Saudi Arabia is the largest Islamic finance market in the world, with total assets exceeding SR3.1 trillion. The governor also added that the Kingdom is the largest sovereign sukuk issuer in the world. According to Al-Sayari, the total value of the Islamic finance sector currently stands at SR11.2 trillion, displaying an average growth of 9.6 percent over the last three years.