Saudi National Bank posts 32% rise in Q1 2022 net profit to SAR 4.5 bln

Saudi National Bank (SNB) reported a net profit of SAR 4.5 billion for Q1 2022, a jump of 32% from SAR 3.4 billion in the year-ago period.

The profit growth was spurred by a 41% 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.

On the other hand, total operating expenses, including net impairment charge for expected credit losses, were higher by 52% YoY, mainly due to higher salaries and employee-related expenses, rent and premises-related expenses, depreciation/amortization of property, equipment, software, right of use assets, as well as amortization of intangible assets.

Compered to Q4 2021, net profit climbed 34.1% from SAR 3.35 billion, backed by an 11% increase YoY in total operating income, along with a 13% drop YoY in total operating expenses.

The previous quarter’s net profit implied SAR 90 million costs on the bank’s merger with Samba Financial Group.

Shareholders’ equity, after minority interest, soared to SAR 152.38 billion by the end of Q1 2022, from SAR 71.27 billion a year earlier.

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