SNB 2022 profit jumps 47% to SAR 18.6 bln; Q4 at SAR 4.8 bln

Saudi National Bank (SNB) reported a 47% leap in net profit to SAR 18.6 billion in 2022, compared to SAR 12.7 billion a year earlier.

The strong performance was spurred by higher operating income and a decline in provisions for expected credit losses.

Total operating income increased 16.9% year-on-year (YoY), as net special commission income jumped 18.4% YoY, fee income from banking services rose 21.1% YoY, while other operating expenses dropped 12.4%.

Total operating expenses including impairments were lower by 15.2% mainly due to a decrease of 13.5% YoY in other general and administrative expenses. Net impairment charge for expected credit losses also declined 57.4% on an annual basis.

The fourth-quarter net profit surged 61% to SAR 4.8 billion, from SAR 2.96 billion in Q4 2021.

Compared to Q3 2022, net profit edged up 0.9% from SAR 4.72 billion.

Shareholders’ equity, after minority interest and Sukuk, rose to SAR 150.48 billion as of Dec. 31, 2022, from SAR 150.01 billion in 2021.   

Net impairment charge for expected credit losses reached to SAR 1.69 billion in 2022, down 57.4% from SAR 3.96 billion in 2021.  

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