Saudi National Bank (SNB) posted a 42% rise in net profit to SAR 13.815 billion for the first nine months of 2022, compared to SAR 9.705 billion in the year-earlier period.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Net Special Commission Income | 16,272.33 | 19,510.16 | 19.9 % |
| Operating Income | 21,181.56 | 24,885.90 | 17.5 % |
| Total Provisions | (3433.11) | (1518.99) | 55.8 % |
| Net Income | 9,704.61 | 13,815.26 | 42.4 % |
| Average Shares | 5,504.91 | 6,000.00 | 9.0 % |
| EPS (Riyals) | 1.76 | 2.30 | 30.6 % |
| EPS Diluted (Riyals) | 2.25 | 2.25 | 0.0 % |
The nine-month results were driven by higher total operating income and lower operating expense including net impairment charge for expected credit losses.
Total operating income grew by 17.5% year-on-year (YoY), mainly due to higher net special commission income, fee income from banking services, foreign exchange income, and lower other operating expenses.
Total operating expenses including impairments dropped 12.2% YoY, on lower other general and administrative expenses and net impairment charge for expected credit losses.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Net Special Commission Income | 6,205.90 | 6,577.80 | 6.0 % |
| Operating Income | 7,874.43 | 8,447.82 | 7.3 % |
| Debt Provisions | (732.08) | (540.55) | 26.2 % |
| Net Income | 3,980.27 | 4,724.56 | 18.7 % |
| Average Shares | 5,504.91 | 6,000.00 | 9.0 % |
| EPS (Riyals) | 0.72 | 0.79 | 8.9 % |
| EPS Diluted (Riyal) | 0.76 | 0.76 | 0.0 % |
The third-quarter net profit climbed 19% to SAR 4.725 billion, from SAR 3.980 billion in Q3 2021.
Compared to Q2 2022, net profit grew by 3% from SAR 4.589 billion.
Shareholders’ equity, after minority interest, rose to SAR 150.253 billion as of Sept. 30, 2022, from SAR 147.911 billion a year earlier.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Assets | 903.85 | 964.42 | 6.7 % |
| Customer Deposits | 589.19 | 596.89 | 1.3 % |
| Loan | 502.48 | 536.18 | 6.7 % |
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