SNB profit grows 4% to SAR 15.6B in 9M 2024; Q3 at SAR 5.3B

22/10/2024 Argaam Exclusive

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Saudi National Bank (SNB) reported a net profit of SAR 15.63 billion in the first nine months of 2024, a rise of 4% from SAR 15.04 billion in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Net Special Commission Income	20,121.82	20,826.00	3.5 %
Operating Income	25,964.73	27,050.00	4.2 %
Total Provisions	(491.82)	(1002.00)	(103.7 %)
Net Income	15,046.72	15,636.00	3.9 %
Average Shares	6,000.00	6,000.00	-
EPS (Riyals)	2.51	2.61	3.9 %
EPS Diluted (Riyals)	2.42	2.53	4.5 %

SNB attributed the nine-month profit growth to an 18.7% rise year-on-year (YoY) in special commission income and a 4.2% increase in operating income.

The lender also posted an increase of 14.2% YoY in investment income and a decrease of 18% in other non-operating expenses.

However, net impairment charge for expected credit losses surged 103.8%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Net Special Commission Income	6,819.71	6,864.00	0.6 %
Operating Income	8,736.77	9,195.00	5.2 %
Debt Provisions	77.04	(227.00)	(394.7 %)
Net Income	5,009.62	5,366.00	7.1 %
Average Shares	6,000.00	6,000.00	-
EPS (Riyals)	0.83	0.89	7.1 %
EPS Diluted (Riyal)	0.80	0.87	8.7 %

Item	Q2 2024	Q3 2024	Change‬
Net Special Commission Income	7,050.93	6,864.00	(2.7 %)
Operating Income	8,916.44	9,195.00	3.1 %
Debt Provisions	(120.42)	(227.00)	(88.5 %)
Net Income	5,230.56	5,366.00	2.6 %
Average Shares	6,000.00	6,000.00	-
EPS (Riyals)	0.87	0.89	2.6 %
EPS Diluted (Riyal)	0.84	0.87	3.6 %

The third-quarter net profit grew 7% to SAR 5.36 billion, compared to SAR 5 billion in Q3 2023, mainly due to higher special commission income and operating income.

The net earnings improved by 2.6% from SAR 5.23 billion in Q2 2024.

Balance Sheet (B)

Item	9m 2023	9m 2024	Change‬
Assets	1,027.13	1,124.61	9.5 %
Customer Deposits	624.77	634.20	1.5 %
Loan	595.72	655.31	10.0 %

Total shareholders’ equity, after minority interest, increased to SAR 167.9 billion as of Sept. 30, 2024, from SAR 153.1 billion a year earlier.

Customer deposits increased by 7.5% YoY during the period.

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