Saudi National Bank (SNB) reported on Sunday a net profit of 3.785 billion riyals ($1 billion) for the third quarter of 2021, up by 19 percent from a year ago.
Profits for the first nine months of the year also rose 15.23 percent year on year to 9.311 billion riyals, the bank said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday.
SNB is considered the biggest lender in Saudi Arabia. The entity was formed when National Commercial Bank and Samba Bank merged in April 2021.
In its latest statement, the bank said that total operating income for the third quarter increased by 38.4 percent. This can be attributed to higher net special income, fees from banking services and foreign exchange, it added.
Its total operating expenses, including impairments, also increased by 72.2 percent.
The increase was mainly due to the growth in net impairment charge for expected credit losses, other general administrative expenses, salaries and employee expenses, rent and premises expense and depreciation of property, equipment, software and right of use assets.
(Writing by Imogen Lillywhite; editing by Cleofe Maceda )
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021