Saudi Arabia’s largest bank by assets, Saudi National Bank (SNB) has reported a net profit of SAR 15.63 billion in the first nine months of 2024, a rise of 4% from the SAR 15 billion reported during the same period a year prior.
SNB attributed the growth to an 18.7% rise year-on-year (YoY) in special commission income and a 4.2% increase in operating income, according to a stock exchange filing.
Moreover, SNB also achieved a 14.2% YoY growth in investment income and an 18% decrease in other non-operating expenses. The net impairment charge for expected credit losses increased by 103.8%.
The bank also recorded a 7% rise in Q3 2024 net profit, amounting to SAR5.4 billion, driven by higher total operating income which offset high impairment charges. The profit surpasses analysts’ quarterly mean estimate of SAR 4.97 billion, according to LSEG data.
Total operating income for Q3 2024 rose by 5% to SAR 9.2 billion, driven by a 20% increase in net fees from banking services and a 41% increase in total investment income. Meanwhile, SNB’s net impairment charge for expected credit losses rose to 89% to SAR 227 million quarter-on-quarter.
SNB’s total shareholders’ equity, after minority interest, increased to SAR 167.9 billion at the end of September 2024, from SAR 153.1 billion a year earlier. Total assets expanded by 9.5% to SAR 1.12 trillion during the period.
