Finance Saudi National Bank profit up 6% on higher income By Pramod Kumar October 24, 2023, 7:19 AM Reuters/Faisal Al Nasser Saudi National Bank, the kingdom’s biggest lender by assets, made a net profit of $1.34bn in the third quarter Saudi National Bank (SNB) reported a six percent year on year rise in net profit for the third quarter of 2023, driven by higher operating income and lower impairment charges. The kingdom’s biggest lender by assets made a net profit of SAR5.01 billion ($1.34 billion) in the third quarter. Total operating income improved by three percent to SAR8.7 billion, driven by higher net special commission income, fees from banking services, and foreign exchange income, the lender said in a stock exchange filing on Tuesday. Saudi inflation eases but real estate buoys the index Saudi sticks to green energy goals despite pressures Saudi economy will contract due to oil output cuts says World Bank Operating expenses declined 10 percent in the quarter to SAR2.7 billion, mainly from a decrease in net impairment charges for expected credit losses. Total operating expenses before provisions were SAR2.76 billion, up 13.6 percent from the previous year. Net income for the first nine months rose nine percent to SAR15.04 billion on higher operating income and lower expenses. SNB in May said its 9.88 percent shareholding in investment bank Credit Suisse will convert to nearly 0.5 percent of UBS following the merger of the two Switzerland-based lenders. The Saudi bank, a top shareholder in Credit Suisse, said the Swiss lender’s investment carrying value declined 70 percent to SAR1.3 billion as of March 31, 2023.
