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Saudi National Bank's full-year (FY) 2022 net profit soared 47% year-on-year (YoY) to 18.58 billion riyals ($4.95 billion) as total operating income rose and impairment charges more than halved.
The effort beat Refinitiv's mean analysts’ estimates of SAR18.14 billion net profit.
The kingdom's biggest lender's total operating income increased by 16.9% mainly due to higher net special commission income by 18.4%, fee income from banking services by 21.1%, and lower other operating expenses by 12.4%.
Provision for expected credit and other losses fell more than 57% to SAR1.68 billion.
Earnings per share was SAR4.06 versus SAR2.99 in the year-ago period.
(Reporting by Brinda Darasha; editing by Daniel Luiz)
