Saudi National Bank posts 20% rise in quarterly profit

The Saudi bank said total operating income increased by 38.4% mainly due to higher net special commission income

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri

DUBAI: Saudi National Bank (SNB), the country's biggest lender, on Sunday posted a nearly 20% rise in third-quarter profit from higher fees.

SNB reported a net profit of 3.8 billion riyals ($1.0 billion) for the quarter that ended on Sept. 30, up from 3.2 billion riyals in the same period a year earlier.

The result was better than the 3.6 billion riyals average analysts' forecast on Refinitiv Eikon data.

The Saudi bank said total operating income increased by 38.4% mainly due to higher net special commission income, foreign exchange income and higher fees from banking services

.($1 = 3.7507 riyals)

(Reporting by Hadeel Al Sayegh; Editing by William Mallard) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))


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