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The logo of the Saudi National Bank (SNB) can be seen at the banks' headquarters in Riyadh on March 27, 2023, after the chairman of SNB, the main shareholder of troubled lender Credit Suisse which was bought out this month, resigned. (Photo by Fayez Nureldine / AFP).
Saudi National Bank (SNB), the kingdom's largest bank by assets, posted a 7% rise in Q3 net profit at 5.4 billion riyals ($1.4 billion) on Tuesday, as higher total operating income offset high impairment charges.
The profit came in well above analysts’ mean estimate of SAR 4.97 billion, according to LSEG data.
Total operating income rose by 5% to SAR 9.2 billion, driven by a 20% increase in net fees from banking services and a 41% increase in total investment income.
SNB's net impairment charge for expected credit losses soared 89% to SAR 227 million from the previous quarter, according to a stock exchange filing.
For the nine-month period ending September 30, the bank made a net profit of SAR 15.63 billion.
Total assets expanded by 9.5% to SAR 1.12 trillion during the period.
(Reporting by Brinda Darasha; editing by Daniel Luiz)
