Saudi National Bank posts 59% profit leap to SAR 9.091 bln in H1 2022; Q2 at SAR 4.589 bln

Saudi National Bank (SNB) reported a net profit of SAR 9.091 billion for the first half of 2022, a jump of 59% from SAR 5.724 billion in the year-ago period. 

The profit rise was driven by a 23.5% rise year-on-year (YoY) in total operating income, mainly due to higher net special commission income, fees from banking services, foreign exchange income, and lower other operating expenses.

Total operating expenses including impairment were lower by 12.5% YoY, mainly due to lower impairment charge for credit losses.

The second-quarter net profit soared 98% to SAR 4.589 billion, from SAR 2.316 billion in Q2 2021. Total operating income increased by 10.3% YoY, primarily on higher net special commission income and fees from banking services. These were partially offset by lower investment income.

Total operating expenses including impairment dropped by 36.5% mainly due to lower rent and premises-related expenses, amortization of intangible assets, other general and administrative expenses, and net impairment charge for expected credit losses.

Compared to Q1 2021, net profit grew by 1.9% from SAR 4.501 billion. 

Shareholders’ equity, after minority interest, soared to SAR 59.301 billion by the end of H1 2022, from SAR 58.813 billion a year earlier.

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