SNB 9M 2022 profit leaps 42% to SAR 13.815 bln; Q3 at SAR 4.725 bln

23/10/2022 Argaam Exclusive

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Saudi National Bank (SNB) posted a 42% rise in net profit to SAR 13.815 billion for the first nine months of 2022, compared to SAR 9.705 billion in the year-earlier period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Net Special Commission Income	16,272.33	19,510.16	19.9 %
Operating Income	21,181.56	24,885.90	17.5 %
Total Provisions	(3433.11)	(1518.99)	55.8 %
Net Income	9,704.61	13,815.26	42.4 %
Average Shares	5,504.91	6,000.00	9.0 %
EPS (Riyals)	1.76	2.30	30.6 %
EPS Diluted (Riyals)	2.25	2.25	0.0 %

The nine-month results were driven by higher total operating income and lower operating expense including net impairment charge for expected credit losses.

Total operating income grew by 17.5% year-on-year (YoY), mainly due to higher net special commission income, fee income from banking services, foreign exchange income, and lower other operating expenses.

Total operating expenses including impairments dropped 12.2% YoY, on lower other general and administrative expenses and net impairment charge for expected credit losses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Net Special Commission Income	6,205.90	6,577.80	6.0 %
Operating Income	7,874.43	8,447.82	7.3 %
Debt Provisions	(732.08)	(540.55)	26.2 %
Net Income	3,980.27	4,724.56	18.7 %
Average Shares	5,504.91	6,000.00	9.0 %
EPS (Riyals)	0.72	0.79	8.9 %
EPS Diluted (Riyal)	0.76	0.76	0.0 %

Item	Q2 2022	Q3 2022	Change‬
Net Special Commission Income	6,823.91	6,577.80	(3.6 %)
Operating Income	8,345.18	8,447.82	1.2 %
Debt Provisions	(592.20)	(540.55)	8.7 %
Net Income	4,589.12	4,724.56	3.0 %
Average Shares	6,000.00	6,000.00	-
EPS (Riyals)	0.76	0.79	3.0 %
EPS Diluted (Riyal)	0.76	0.76	0.4 %

The third-quarter net profit climbed 19% to SAR 4.725 billion, from SAR 3.980 billion in Q3 2021.

Compared to Q2 2022, net profit grew by 3% from SAR 4.589 billion.

Shareholders’ equity, after minority interest, rose to SAR 150.253 billion as of Sept. 30, 2022, from SAR 147.911 billion a year earlier.

Balance Sheet (B)

Item	9m 2021	9m 2022	Change‬
Assets	903.85	964.42	6.7 %
Customer Deposits	589.19	596.89	1.3 %
Loan	502.48	536.18	6.7 %

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