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Saudi National Bank (SNB), the kingdom’s largest lender in terms of assets, has reported a 32 percent increase in net profit for the first three months of the year, driven by higher operating income and lower outgoings.
Total net profit for the period ending March 31, 2022 reached 4.5 billion riyals ($1.2 billion), compared to 3.4 billion riyals in the same period last year, the bank, which is about 50 percent indirectly owned by the state, said in a disclosure on the Saudi Stock Exchange (Tadawul).
The positive performance has been attributed to higher operating income, which rose by 41 percent to 8 billion riyals, mainly due to growth in net special commission income, banking services fees and foreign exchange income, as well as drop in other operating expenses.
Clients’ deposits amounted to 604 billion riyals, up by 44.2 percent from the previous year’s 419 billion riyals, while total assets expanded by 53 percent to 921 billion riyals.
The bank’s total income from special commissions/financing and investments went up 41.18 percent to 6.9 billion riyals.
(Reporting by Cleofe Maceda; editing by Seban Scaria)
