Saudi National Bank’s Q2 2023 profit up 9% to $1.3bn

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The net profit of Saudi National Bank (SNB) grew 9.3 percent year on year to SAR5 billion ($1.33 billion) in the second quarter of 2023 on rising operating income and a decline in bad loan provisions.

Provisions for credit losses dropped 87 percent year on year in the second quarter to SAR76 million, as total operating expenses fell 14 percent to SAR2.7 billion.

The total operating income grew two percent year on year.

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Net profit increased 10.4 percent to SAR10.04 billion in the first half of 2023 from SAR9.09 billion a year earlier, thanks to rising operating income and falling operating expenses.

Loans and advances grew 7.7 percent year on year, while deposits grew 1.6 percent year on year.

SNB’s nearly 10 percent shareholding in Credit Suisse in May was converted to 0.5 percent of UBS following the merger of the two Swiss lenders.

SNB, 37 percent owned by Saudi Arabia’s Public Investment Fund, became an anchor investor in Credit Suisse’s $4.3 billion capital raise, which began in October to fund the bank’s revamp and restructuring.