Financial Results : SNB profit up 2.3% to SAR 10.27B in H1 2024; Q2 at SAR 5.23B

SNB profit up 2.3% to SAR 10.27B in H1 2024; Q2 at SAR 5.23B

04/08/2024 Argaam Exclusive

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Saudi National Bank (SNB) reported a net profit of SAR 10.27 billion in H1 2024, a rise of 2.3%, from SAR 10.03 billion in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Net Special Commission Income 13,302.48 13,962.26 5.0 %
Operating Income 17,227.96 17,855.86 3.6 %
Total Provisions (556.94) (750.46) (34.7 %)
Net Income 10,037.10 10,270.17 2.3 %
Average Shares 6,000.00 6,000.00 -
EPS (Riyals) 1.67 1.71 2.3 %
EPS Diluted (Riyals) 1.62 1.66 2.5 %


Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Net Special Commission Income 6,521.82 7,050.93 8.1 %
Operating Income 8,494.37 8,916.44 5.0 %
Debt Provisions (66.10) (95.45) (44.4 %)
Net Income 5,015.56 5,230.56 4.3 %
Average Shares 6,000.00 6,000.00 -
EPS (Riyals) 0.84 0.87 4.3 %
EPS Diluted (Riyal) 0.81 0.84 3.2 %

The second-quarter net profit rose 4.2% to SAR 5.23 billion, compared to SAR 5.01 billion in Q2 2023.

 

Net earnings climbed 3.7% from SAR 5.04 billion in Q1 2024.

Balance Sheet (B)

Item 6m 2023 6m 2024 Change‬
Assets 996.20 1,088.11 9.2 %
Customer Deposits 602.21 632.69 5.1 %
Loan 577.85 637.24 10.3 %

Total shareholders’ equity, no minority interest, rose to SAR 179.2 billion as of June 30, 2024, from SAR 170.17 billion a year earlier.

 

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