Financial Results : SNB profit up 12% to SAR 5 bln in Q1 2023

SNB profit up 12% to SAR 5 bln in Q1 2023

01/05/2023 Argaam Exclusive

View other reports

Saudi National Bank (SNB) posted a 12% jump in Q1 2023 net profit to SAR 5 billion, compared to SAR 4.5 billion in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Net Special Commission Income 6,108.44 6,780.66 11.0 %
Operating Income 8,092.89 8,733.59 7.9 %
Debt Provisions (386.25) (490.84) (27.1 %)
Net Income 4,501.58 5,021.54 11.6 %
Average Shares 6,000.00 6,000.00 -
EPS (Riyals) 0.75 0.84 11.6 %
EPS Diluted (Riyal) 0.73 0.81 10.2 %

Total operating income rose 8% year-on-year (YoY) to SAR 8.7 billion, driven by an increase in net income from special commissions as well as from financing and investments on margin and balance sheet expansion.

 

Operating expenses (OpEx) before provisions for credit and other losses were unchanged. Hence, the cost-to-income ratio improved YoY.

 

On the other hand, net impairment charges for expected credit losses reached SAR 493 million for the current period, up 28% from SAR 386 million in Q1 2022.

 

Compared to Q4 2022, the bank’s net profit grew 5.4% from SAR 4.7 billion, backed also by an 8% rise YoY in operating income.

Balance Sheet (B)

Item 3m 2022 3m 2023 Change‬
Assets 921.56 976.06 5.9 %
Customer Deposits 606.72 610.79 0.7 %
Loan 514.63 566.34 10.0 %

Shareholders’ equity, after minority interest and sukuk, increased to SAR 154.66 billion as of March 31, 2023, from SAR 152.39 billion a year earlier.

 

View More Financial Results

 

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.