Saudi National Bank, the largest lender in Saudi Arabia by assets, almost doubled second-quarter net profit, driven by a sharp rise in operating income as the economic momentum in the kingdom continues to gather pace.
Net profit for the three months to the end of June rose to 4.59 billion Saudi riyals ($1.22bn) from 2.32bn riyals in the same period a year earlier, the lender said in a statement on Wednesday to the Tadawul Stock Exchange, where its shares are traded.
SNB’s total operating income for the April-June period jumped more than 10 per cent to 8.37bn riyals owing “to higher net special commission income and fees from banking services”, the lender said.
Net income from special commissions and investments rose almost 16 per cent to 6.8bn riyals.
Banks in the kingdom, like their GCC peers, are recording improved operating conditions and increased profitability as Gulf economies continue to bounce back from the Covid-19 pandemic-driven slowdown.
Saudi Arabia's economy, the Arab world's largest, grew 9.9 per cent in the first quarter of 2022 to record the highest rate of growth in the past decade, the latest government data shows.
After strong expansion in 2020 and 2021, driven by mortgages, consumer loans and lending to small and medium enterprises, Saudi banks' credit growth is expected to stay strong at about 12 per cent in 2022, according to S&P Global Ratings.
Lenders in the kingdom are also expected to benefit from interest rate increases this year. For every increase in the benchmark interest rate of 100 basis points, banks in the country are anticipated to record a rise in net profit of 13 per cent and return on equity of 1.5 percentage points, S&P said in April.
Last month, the rating agency said that the Saudi Central Bank’s 50bn-riyal support package for the kingdom’s lenders is expected to ease their near-term liquidity needs and help boost lending.
Saudi lenders require private and public sector deposits to further grow their lending book, it said.
SNB, which was created by the merger of National Commercial Bank with smaller rival Samba Financial Group last year, said its profit for the first six months of the year rose almost 59 per cent to 9.1bn riyals, driven by higher operating income and lower provisions for bad loans.
Net impairment charge for expected credit losses declined by almost 64 per cent on an annual basis to 978m riyals.
Total assets of the bank grew nearly 9 per cent to 958bn riyals. Loans and advances rose almost 7 per cent to 536.18bn riyals, while customer deposits stayed flat at 593bn riyals during the period, SNB said.
UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
