SNB’s profit up 10% to SAR 10.03 bln in H1 2023; Q2 at SAR 5.01 bln

Saudi National Bank (SNB) reported a 10% increase in H1 2023 net profit to SAR 10.03 billion from SAR 9.09 billion in the year-ago period.

Basic earnings per share (EPS) and diluted EPS for the current and the previous years stood at SAR 1.62 per share and SAR 1.49 per share, respectively. It is calculated by dividing the net income attributable to the bank's common equity holders (adjusted for Tier 1 Sukuk cost) for the periods by the weighted average number of outstanding shares amounting to 5.95 billion ( 5.94 billion in 2022). 

The bank reported a 10.4% growth year-on-year (YoY) in net income attributable to equity holders, driven by higher operating income and lower operating expenses, including net impairment charge for expected credit losses. 

Gross operating income increased by 4.8% YoY, mainly from higher net special commission income, fees from banking services, foreign exchange income and investment income despite partially offset by higher other operating expenses.

Gross operating expenses, including net impairment charge for expected credit losses, were lower by 5.9% YoY amid lower net impairment charge for expected credit losses.

Credit losses provision fell 42% YoY to SAR 569 million from SAR 978 million a year earlier.

The second-quarter net profit rose 9.3% to SAR 5.01 billion from SAR 4.58 billion in Q2 2022. However, the earnings fell slightly from SAR 5.02 billion in Q1 2023. 

Total shareholders’ equity, including Sukuk, stood at SAR 170.17 billion as of June 30, 2023, from SAR 160.98 billion a year earlier.

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