SNB profit slightly up to SAR 5.04B in Q1 2024

29/04/2024 Argaam Exclusive

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Saudi National Bank (SNB) posted a slight increase in Q1 2024 net profit to SAR 5.04 billion, compared to SAR 5.02 billion in the prior-year period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Net Special Commission Income	6,780.66	6,911.33	1.9 %
Operating Income	8,733.59	8,939.42	2.4 %
Debt Provisions	(490.84)	(655.01)	(33.4 %)
Net Income	5,021.54	5,039.61	0.4 %
Average Shares	6,000.00	6,000.00	-
EPS (Riyals)	0.84	0.84	0.4 %
EPS Diluted (Riyal)	0.81	0.82	1.7 %

Item	Q4 2023	Q1 2024	Change‬
Net Special Commission Income	6,887.12	6,911.33	0.4 %
Operating Income	8,624.68	8,939.42	3.6 %
Debt Provisions	(427.02)	(655.01)	(53.4 %)
Net Income	4,963.24	5,039.61	1.5 %
Average Shares	6,000.00	6,000.00	-
EPS (Riyals)	0.83	0.84	1.5 %
EPS Diluted (Riyal)	0.81	0.82	1.2 %

The higher profit was driven by a 21.9% rise year-on-year (YoY) in special commission income due to an increase in financing and investment portfolios coupled with higher benchmark rate.

Meanwhile, operating revenue grew by 2.4% YoY along with an increase in net other non-operating income/expenses. This was partially offset by a 32.8% rise in operating expenses including net impairment charge for expected credit losses.

Balance Sheet (B)

Item	3m 2023	3m 2024	Change‬
Assets	976.06	1,072.14	9.8 %
Customer Deposits	610.79	656.26	7.4 %
Loan	566.34	625.20	10.4 %

Compared to Q4 2023, the bank’s net profit grew 1.5% from SAR 4.96 billion due to higher operating revenue by 3.7% along with an increase in net other non-operating income/expenses.

Shareholders’ equity, after minority interest and sukuk, increased to SAR 164.07 billion as of March 31, 2024, from SAR 152.80 billion a year earlier.

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