Saudi National Bank, the largest lender in Saudi Arabia by assets, reported a 47 per cent increase in its full-year net profit, driven by an operating income increase and lower net impairment charges as the kingdom's economic recovery continues.
Net profit for the year ended December rose to about 18.6 billion Saudi riyals ($5 billion), from the previous year, the lender said in a filing on Wednesday to the Tadawul Stock Exchange, where its shares are traded.
The results beat the average analyst estimate of 18.2 billion riyals, according to Refinitiv data.
SNB, which bought a stake of about 9.9 per cent in troubled Swiss investment bank Credit Suisse last year, said total operating income increased by about 17 per cent to 9.35 billion riyals during the year.
This was driven by an 18.4 per cent jump in net special commission income, a 21 per cent increase in fee income from banking services and other operating expenses that fell 12.4 per cent.
Net impairments, or total provisions for expected credit and other losses, dropped more than 57 per cent to 1.69 billion riyals.
The aggregate net profit of Saudi Arabia's 10 largest banks increased by 9.3 per cent on quarterly basis in the third quarter of 2022, driven by higher interest rates and lower impairment charges, according to professional services consultancy Alvarez & Marsal.
SNB's total assets for the year increased 3 per cent at 945 billion riyals while loans and advances jumped 9.6 per cent to 545 billion riyals.
Customer deposits declined by an annual 3.5 per cent to 568 billion riyals.
Last month, SNB raised its paid-up capital by 15.22 billion Saudi riyals after it issued a bonus share for every three owned by shareholders.
SNB's board recommended to shareholders to approve the increase in capital by about 34 per cent to 60 billion riyals, from 44.78 billion riyals, through the issuance of bonus shares.
The recommendation is intended to strengthen the bank's financial position, “which contributes to achieving its strategic objectives”, the bank said in the bourse filing at that time.
The capital increase came from the bank’s retained earnings — the portion of net income retained after paying dividends.
The bank, which is 37 per cent owned by the kingdom’s sovereign wealth fund, the Public Investment Fund, also announced last month that it would pay a cash dividend of 2.67 billion riyals, or 0.60 a share, to shareholders for the second half of 2022.
SNB, was created through the merger of National Commercial Bank and smaller rival Samba Financial Group in 2021.
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Al Wahda 2
Al Menhali 27', Tagliabue 79'
Al Nassr 3
Hamdallah 41', Giuliano 45 1', 62'
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The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
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Bayern Munich v Tottenham, midnight (Thursday)
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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UAE currency: the story behind the money in your pockets
ATP RANKINGS (NOVEMBER 4)
1. Rafael Nadal (ESP) 9,585 pts ( 1)
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Brighton 1 (Maupay 17')
Man of the match: Ben White (Brighton)
