Saudi National Bank reports more than 7% jump in 2023 net profit
SAUDI National Bank (SNB), the kingdom’s largest bank by assets, posted a 7.7 per cent jump in full-year net profit on Monday (Feb 5), supported by higher operating income and lower impairment charges.
The lender made a net profit of 20.01 billion riyals (S$7.17 billion) in 2023, beating an average analyst estimate of 19.5 billion riyals, according to LSEG data. This was up from 18.6 billion riyals in 2022.
Net profit for the fourth quarter was about 4.96 billion riyals, Reuters calculations showed, up from 4.8 billion riyals in the same period of the prior year. The bank made a nine-month profit of 15.05 billion riyals.
SNB did not provide quarterly data in its bourse statement.
Operating income rose almost 5 per cent last year due to higher fees from banking services and increased investment income, while provisions for non-performing, or bad, loans dropped by 45 per cent year-on-year to 923 million riyals as of Dec 31.
The bank attributed a 45 per cent jump in special commission income from financing to 38.5 billion riyals to a 10 per cent increase in its financing portfolio and higher benchmark rates.
Loans and advances stood at 601.5 billion riyals at the end of December, up 10.3 per cent year-on-year, while customer deposits grew 3.8 per cent in the same period.
Total assets grew 10 per cent in 2023 to just over 1 trillion riyals. REUTERS
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