SNB profit slightly up to SAR 5.04B in Q1 2024

29/04/2024 Argaam Exclusive

Saudi National Bank (SNB) posted a slight increase in Q1 2024 net profit to SAR 5.04 billion, compared to SAR 5.02 billion in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Net Special Commission Income 6,780.66 6,911.33 1.9 %
Operating Income 8,733.59 8,939.42 2.4 %
Debt Provisions (490.84) (655.01) (33.4 %)
Net Income 5,021.54 5,039.61 0.4 %
Average Shares 6,000.00 6,000.00 -
EPS (Riyals) 0.84 0.84 0.4 %
EPS Diluted (Riyal) 0.81 0.82 1.7 %

The higher profit was driven by a 21.9% rise year-on-year (YoY) in special commission income due to an increase in financing and investment portfolios coupled with higher benchmark rate.

 

Meanwhile, operating revenue grew by 2.4% YoY along with an increase in net other non-operating income/expenses. This was partially offset by a 32.8% rise in operating expenses including net impairment charge for expected credit losses.

Balance Sheet (B)

Item 3m 2023 3m 2024 Change‬
Assets 976.06 1,072.14 9.8 %
Customer Deposits 610.79 656.26 7.4 %
Loan 566.34 625.20 10.4 %

Compared to Q4 2023, the bank’s net profit grew 1.5% from SAR 4.96 billion due to higher operating revenue by 3.7% along with an increase in net other non-operating income/expenses.

 

Shareholders’ equity, after minority interest and sukuk, increased to SAR 164.07 billion as of March 31, 2024, from SAR 152.80 billion a year earlier.

 

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Share Price

The Saudi National Bank
33.10
(0.20) (0.60 %)

The Saudi National Bank (SNB)

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Financial Ratios
Current
Market Cap (M Riyal) 198,600.00
Shares Outstanding ((M)) 6,000.00
EPS ( Riyal) (TTM) 3.43
EPS Diluted ( Riyal) (TTM) 3.34
Book Value (BV) ( Riyal) 27.98
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 9.64
P/E (TTM) 9.64
Price/book 1.18
Return on Average Assets (%) (TTM) 1.9
Return on Average Equity (%) (TTM) 12.8
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