Saudi National Bank net profit rises 15% to SAR 9.311 bln in 9M 2021

Saudi National Bank (SNB) reported a net profit of SAR 9.311 billion for the first nine months of 2021, a rise of 15% from SAR 8.080 billion in the year-ago period.

After the merger with Samba Financial Group, the bank recorded 15.2% higher net income attributable to equity holders mainly due to an increase in operating income. This was partially offset by higher operating expenses, including net impairment charges for expected credit losses. 

Total operating income increased 34.2% year-on-year (YoY) driven by higher net special commission income, investment related income, fees income from banking services, foreign exchange income.

Total operating expenses, including impairments, were higher by 61.9% YoY, the bank said in a statement to Tadawul.

In Q3 2021, the bank’s net profit climbed 20% YoY to SAR 3.785 billion, driven by higher operating income.

On a sequential basis, Q3 net profit jumped 78.8% from SAR 2.117 billion.

Shareholders’ equity, after minority interest, increased to SAR 159.706 billion by the end of the current period from SAR 75.462 billion a year earlier.

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