Saudi: SNB’s profits leap to $4.9bln in 2022

Clients’ deposits declined by 3.45% year-on-year (YoY)

Staff Writer, Mubasher

February 1, 2023

PHOTO

The Saudi National Bank (SNB) registered a 46.67% hike in net profit to SAR 18.58 billion last year, compared to SAR 12.66 billion in 2021.

Earnings per share (EPS) stood at SAR 4.06 in the January-December 2022 period, higher than SAR 2.99 in 2021, according to the financial results.

Meanwhile, the clients’ deposits declined by 3.45% year-on-year (YoY) to SAR 568.28 billion in 2022 from SAR 588.57 billion.

The assets grew by 3.43% to SAR 945.49 billion in 2022 from SAR 914.14 billion in 2021, whereas the investments jumped by 6.49% to SAR 258.29 billion from SAR 242.56 billion.

In the first nine months (9M) of 2022, the Saudi lender generated SAR 13.81 billion net profits, a 42.35% YoY leap from SAR 9.70 billion.

Additionally, the EPS increased to SAR 3.02 in 9M-22 from SAR 2.35 in January-September 2021.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.