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Saudi National Bank (SNB), the biggest lender in the kingdom, posted a Q1 2024 net profit of 5.04 billion riyals ($1.3 billion), flat year-on-year due to higher impairment expenses.
However, the net profit easily topped analysts’ mean estimate of SAR 4.99 billion, according to LSEG data.
Impairment charges for expected credit losses surged 33% to SAR 655 billion.
Special commission income rose 22% due to an increase in financing and investments portfolios coupled with an increase in benchmark rate.
Total assets expanded by 9.8% to SAR 1.07 trillion YoY, the lender said in a filing on Riyadh's Tadawul exchange on Monday.
Loans and advances portfolio rose 10% to SAR 625 billion while client deposits rose 7% to SAR 656 billion.
(Reporting by Brinda Darasha; editing by Seban Scaria)
