Saudi National Bank (SNB) reported a net profit of SAR 5.526 billion for the first half of 2021, a rise of 12% from SAR 4.922 billion in the year-ago period.
Net income after Zakat and income tax was 12.3% higher after the merger with Samba Financial Group effective April 1, 2021, driven by higher operating income. It was partially offset by higher operating expenses, including.
net impairment charges, and higher other non-operating expenses.
Total operating income increased by 31.8%, mainly from higher net special commission income, investment-related income, fees from banking and services, and foreign exchange income. However, it was partially offset by higher other operating expenses.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Net Special Commission Income | 8,114.75 | 10,066.43 | 24.1 % |
| Operating Income | 10,071.00 | 13,307.13 | 32.1 % |
| Total Provisions | (1224.04) | (2701.03) | (120.7 %) |
| Net Income | 4,921.93 | 5,724.35 | 16.3 % |
| Average Shares | 4,019.65 | 5,504.91 | 36.9 % |
| EPS (Riyals) | 1.22 | 1.04 | (15.1 %) |
| EPS Diluted (Riyals) | 1.49 | 1.49 | 0.0 % |
The bank reported a net profit of SAR 2.117 billion for Q2 2021, a 1.4% increase year-on-year (YoY).
On a sequential basis, Q2 net profit fell 37.9% on higher total operating expenses, including net impairment charges attributable to the merger.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Net Special Commission Income | 3,957.52 | 5,888.35 | 48.8 % |
| Operating Income | 4,765.75 | 7,587.82 | 59.2 % |
| Debt Provisions | (827.95) | (2414.67) | (191.6 %) |
| Net Income | 2,087.73 | 2,315.88 | 10.9 % |
| Average Shares | 4,019.65 | 5,504.91 | 36.9 % |
| EPS (Riyals) | 0.52 | 0.42 | (19.0 %) |
| EPS Diluted (Riyal) | 0.76 | 0.76 | 0.0 % |
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Assets | 556.86 | 897.36 | 61.1 % |
| Customer Deposits | 380.40 | 588.13 | 54.6 % |
| Loan | 315.84 | 501.80 | 58.9 % |
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