Saudi National Bank, the biggest lender in Saudi Arabia by assets, reported a 6 per cent rise in its third-quarter net income as operating income climbed and provisions for bad loans fell amid the kingdom's continued economic momentum.
Net profit for the three months to the end of September rose to 5.01 billion Saudi riyals ($1.34 billion), the bank said in a regulatory filing on Tuesday to the Tadawul bourse, where its shares are traded.
Net income from commissions and investments at the end of September jumped 3.7 per cent to 6.82 billion riyals.
SNB’s total operating profit climbed 3.42 per cent to 8.73 billion riyals during the reporting period.
“Total operating income improved … driven by higher net special commission income, fees from banking services and foreign exchange income,” the lender said.
“Operating expenses, including [the] net impairment charge for expected credit losses for the third quarter [of] 2023, decreased by 10 per cent to 2.7 billion, mainly from a decrease in [the] net impairment charge for expected credit losses.”
Much in the same way as their peers in the GCC, banks in Saudi Arabia, the biggest Arab economy, continue to benefit from a rise in interest rates.
Most regional central banks peg their currencies to the US dollar and follow the US Federal Reserve's moves on interest rates increases.
The Fed has aggressively raised its benchmark policy rates over the past several quarters in an attempt to bring inflation down to its 2 per cent target range.
Despite tighter liquidity in the banking system, lenders in the kingdom are expected to remain profitable this year, with continued credit growth, as they capitalise on a favourable operating environment, Fitch Ratings said earlier this year.
The continued growth momentum in the kingdom, driven by a sharp expansion in non-oil gross domestic product, also bodes well for the continued profitability of Saudi banks, the rating agency said.
Saudi Arabia's economy grew by 1.2 per cent in the second quarter of this year, a slightly quicker pace of growth than the initial estimates, driven by a sharp expansion in the non-oil sector.
The kingdom’s GDP at current prices hit 970 billion riyals in the three months to the end of June, according to General Authority for Statistics data.
The non-oil sector grew by 6.1 per cent on an annual basis, beating the authority's initial estimate of a 5.5 per cent expansion in the three-month period to the end of June.
Saudi Arabia’s economy grew by 8.7 per cent last year, the highest annual expansion rate among the world's 20 biggest economies, driven by a rise in oil prices and the strong performance of its non-oil private sector.
SNB said the continued economic momentum also reflected in the lender’s nine-month financial performance.
Net income for the January-September period climbed by about 9 per cent to 15.05 billion riyals. Total comprehensive income jumped by about 65 per cent on an annual basis to 9.59 billion riyals.
Assets at the end of the reporting period rose by 6.5 per cent year on year to 1.03 trillion riyals while loans and advances portfolio increased by more than 11 per cent on an annual basis to 595.72 billion riyals.
Customer deposits increased by about 5 per cent per cent during the period to 624.78 billion riyals.
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THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
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Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
UAE currency: the story behind the money in your pockets
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Match info
Athletic Bilbao 0
Real Madrid 1 (Ramos 73' pen)
Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
Liverpool 4-1 Shrewsbury
Liverpool
Gordon (34'), Fabinho (44' pen, 90' 3), Firmino (78')
Shrewsbury
Udoh (27'minutes)
Man of the Match: Kaide Gordon (Liverpool)
