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Saudi banks achieved SAR 18 billion ($4.8 billion) in profits at the end of the third quarter of 2023 - the highest quarterly profits in their history - due to the rise in interest rates and the increase in the volume of deposits and the diversification of the products they offer to their customers. The profitability of Saudi banks increased by SAR 1.5 billion over the same quarter in 2022, maintaining profit growth for the third quarter in a row, according to the financial results announced on the Saudi Stock Exchange (Tadawul).