SNB profit grows 4% to SAR 15.6B in 9M 2024; Q3 at SAR 5.3B

22/10/2024 Argaam Exclusive

Saudi National Bank (SNB) reported a net profit of SAR 15.63 billion in the first nine months of 2024, a rise of 4% from SAR 15.04 billion in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Net Special Commission Income 20,135.81 20,826.53 3.4 %
Operating Income 25,964.73 27,050.41 4.2 %
Total Provisions (480.87) (970.39) (101.8 %)
Net Income 15,046.72 15,636.27 3.9 %
Average Shares 6,000.00 6,000.00 -
EPS (Riyals) 2.51 2.61 3.9 %
EPS Diluted (Riyals) 2.42 2.53 4.5 %

SNB attributed the nine-month profit growth to an 18.7% rise year-on-year (YoY) in special commission income and a 4.2% increase in operating income.

 

The lender also posted an increase of 14.2% YoY in investment income and a decrease of 18% in other non-operating expenses.

 

However, net impairment charge for expected credit losses surged 103.8%.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Net Special Commission Income 6,833.34 6,864.28 0.5 %
Operating Income 8,736.77 9,194.55 5.2 %
Debt Provisions 76.07 (219.93) (389.1 %)
Net Income 5,009.62 5,366.10 7.1 %
Average Shares 6,000.00 6,000.00 -
EPS (Riyals) 0.83 0.89 7.1 %
EPS Diluted (Riyal) 0.80 0.87 8.8 %

The third-quarter net profit grew 7% to SAR 5.36 billion, compared to SAR 5 billion in Q3 2023, mainly due to higher special commission income and operating income.

 

The net earnings improved by 2.6% from SAR 5.23 billion in Q2 2024.

Balance Sheet (B)

Item 9m 2023 9m 2024 Change‬
Assets 1,027.13 1,124.61 9.5 %
Customer Deposits 624.77 634.19 1.5 %
Loan 595.72 655.31 10.0 %

Total shareholders’ equity, after minority interest, increased to SAR 167.9 billion as of Sept. 30, 2024, from SAR 153.1 billion a year earlier.

 

Customer deposits increased by 7.5% YoY during the period.

 

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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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