SNB’s profits exceed $1.3bln in Q1-24

Mohamed Abd El Ghany

SNB reported 7.44% higher clients’ deposits at SAR 656.26 billion in the January-March 2024 period

Staff Writer, Mubasher

April 29, 2024

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The Saudi National Bank (SNB) logged net profits amounting to SAR 5.04 billion in the first quarter (Q1) of 2024, up 0.35% year-on-year (YoY) from SAR 5.02 billion.

SNB reported 7.44% higher clients’ deposits at SAR 656.26 billion in the January-March 2024 period, compared to SAR 610.79 billion in Q1-23, according to the initial financial results.

Earnings per share (EPS) went up to SAR 0.82 in the first three months (3M) of 2024 from SAR 0.81 a year earlier.

The assets increased by 9.84% YoY to SAR 1.07 trillion in Q1-24 from SAR 976.06 billion, while the investments grew by 4.54% YoY to SAR 275.60 billion from SAR 263.63 billion.

During the 12-month period that ended on 31 December 2023, SNB generated 7.69% higher net profits at SAR 20.01 billion, versus SAR 18.58 billion in 2022.

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