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Saudi National Bank’s Q3 profit up 19% on high operating income

REUTERS/Ahmed Yosri
The bank made a net profit of SAR4.76 billion in the fourth quarter 2022

Saudi National Bank, the kingdom’s biggest lender, said on Sunday its net profit in the third quarter rose 18.7 percent from the same period year before on higher operating income and lower net impairments for expected credit losses.

SNB posted net profit of SAR4.725 billion ($1.26 billion) in the quarter, up from SAR 3.98 billion a year earlier. That was below the EFG Hermes estimate of SAR 5.25 billion.

Operating income was SAR 8.45 billion, up 7.3 percent from SAR 7.88 billion a year earlier.

Net impairment charges for expected credit losses were SAR 1.52 billion, less than half SAR 3.43 billion a year prior.

“Total operating expenses including impairments were lower by 11.5 percent mainly due to lower staff expenses, amortisation of intangible assets, other general and administrative expenses, and net impairment charge for expected credit losses,” SNB said.

Earnings per share rose to SAR 3.02 from SAR 2.35.