SNB logs lowest close since November 2020

Logo of Saudi National Bank (SNB)

Shares of Saudi National Bank (SNB) closed today, March 16, at their lowest levels since November 2020, falling 3% to SAR 41.50 each, with a trading volume of nearly 31 million shares. 

The stock recorded its lowest price today at SAR 39.75 per share.

The lender listed as National Commercial Bank on the Saudi Exchange (Tadawul) in 2014.

It merged with Samba Financial Group (SAMBA) in April 2021 under the name of SNB, with a capital of SAR 44.78 billion.

The following table shows the key financial indicators:

Last October, SNB announced its commitment to participate in the capital raise announced by Credit Suisse Group AG, Argaam earlier reported.

It said it will invest up to CHF 1.5 billion (SAR 5.7 billion) in the group to hold a stake of up to 9.9% through a private placement of non-pre-emptive shares by Credit Suisse.

On March 15, Credit Suisse stock closed 25% down at its all-time low, after announcing fundamental weaknesses in its financial reports, and following reports that it was facing liquidity crunch.

Credit Suisse shares rose sharply in early trade today, after the bank announced it had obtained a $53.7 billion loan to support liquidity. The Swiss Central Bank also confirmed its willingness to support the lender.