Saudi National Bank, the country’s biggest lender by assets, reported a more than 12 per cent rise in its first-half net profit on the back of higher operating profit as the kingdom’s economy rebounds from the Covid-19 pandemic.
Net profit for the six months to the end of June climbed to 5.52 billion Saudi riyals ($1.72bn), SNB said in a statement on Thursday to the Tadawul stock exchange, where its shares are traded.
Half-yearly operating profit climbed more than 31 per cent to 13.3bn riyals, driven by a 22.7 per cent rise in net income from special commissions, financing and investment activities to 9.96bn riyals.
As with their global peers, banks in Saudi Arabia, Opec’s biggest oil producer and the world's largest crude exporter, faced tougher operating conditions in 2020 as the Covid-19 pandemic disrupted economic momentum.
However, the Arab world's largest economy is bouncing back with monetary and fiscal support from the government.
The International Monetary Fund expects Saudi Arabia’s economy to grow by 2.4 per cent this year and 4.8 per cent in 2022, driven by a strong rebound in the non-oil sector and investment from its sovereign wealth fund.
SNB, which completed its merger with Samba Financial Group, said a 57.2 per increase in its total operating expenses, including those related to the merger and impairments charge for expected credit losses, dented its profitability in the first six months of the year.
The lender said its second-quarter net income rose 1.3 per cent to 2.11bn riyals. It was more than 38 per cent lower quarter-on-quarter, on merger costs.
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UAE currency: the story behind the money in your pockets
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MATCH INFO
Asian Champions League, last 16, first leg:
Al Jazira 3 Persepolis 2
Second leg:
Monday, Azizi Stadium, Tehran. Kick off 7pm
Killing of Qassem Suleimani
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4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
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6.30pm Handicap US$135,000 (Turf) 2,410m
7.05pm UAE 1000 Guineas Listed $250,000 (Dirt) 1,600m
7.40pm Dubai Dash Listed $175,000 (T) 1,000m
8.15pm Al Bastakiya Trial Conditions $100,000 (D) 1.900m
8.50pm Al Fahidi Fort Group Two $250,000 (T) 1,400m
9.25pm Handicap $135,000 (D) 2,000m
The National selections
6.30pm: Gifts Of Gold
7.05pm Final Song
7.40pm Equilateral
8.15pm Dark Of Night
8.50pm Mythical Magic
9.25pm Franz Kafka
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- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
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Match on Bein Sports
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UAE currency: the story behind the money in your pockets
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
