SNB 9M profit grows 9% to SAR 15.04 bln, Q3 at SAR 5.01 bln

Saudi National Bank (SNB) reported a net profit of SAR 15.04 billion in the first nine months of 2023, an increase of 9% from SAR 13.81 billion in the prior-year period.

The bank’s total operating income increased by 4% year-on-year (YoY), mainly due to higher net special commission income, fees from banking services, foreign exchange income, and investment income. In addition, total operating expenses including net impairment charge for expected credit losses were 7% lower YoY. 

However, an increase in other operating expenses weighed on the net earnings. 

Q3 2023 net earnings reached SAR 5.01 billion, up 6% YoY from SAR 4.72 billion, driven by a 3% rise YoY in total operating income to SAR 8.7 billion as net special commission income inched up. Additionally, fees from banking services and foreign exchange income logged growth.  

Operating expenses including net impairment charge for expected credit losses for Q3 2023 decreased by 10% to SAR 2.7 billion. 

On a sequential basis, Q3 net profit inched down 0.1% from SAR 5.01 billion. 

Total shareholders’ equity, excluding minority interest, reached SAR 153.13 billion by Sept. 30, 2023, compared to SAR 146.95 billion in the previous corresponding period. 

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