SNB Profits Increased to SR4.5 bln during1Q, by 32%

The net profit after zakat and tax of the Saudi National Bank (SNB) increased to SR4.5 billion during the first quarter, compared to SR3.4 billion during the same quarter of the previous year, by 32%.

This came after SNB announcement on Wednesday of the consolidated preliminary financial results for the period ending on March 31, 2022 (3 months).

The gross operational profit amounted to SR5.15 billion during the first quarter, compared to SR3.81 billion during the same quarter of the previous year, an increase of 35%.

Assets amounted to SR921.5 billion during the current period, compared to SR599.5 billion during the same period of the previous year, an increase of 54%.

Profits per share during the current period amounted to SR0.98, compared to SR1.1 during the same period of the previous year.

The net income attributable to equity holders increased by 32% driven by higher total operational income.

The gross operational income increased by 41% mainly due to higher net special commission income, fees from banking services, foreign exchange income, and lower other operating expenses.

The gross operational expenses including net impairment charge for expected credit losses were higher by 52% mainly due to higher salaries and employee-related expenses, rent and premises-related expenses, depreciation/amortisation of property, equipment, software, right of use assets, amortization of intangible assets, other general and administrative expenses, and net impairment charge for expected credit losses.

34% higher net income driven from higher total operating income and lower operating expense including net impairment charge for expected credit losses.

The gross operational income increased by 11% mainly due higher fees from banking services, investment income*, and lower other operating expenses.

The gross operational expenses including net impairment charge for expected credit losses. were lower by 13% mainly due to lower salaries and employee-related expenses, rent and premises related expenses and other general and administrative expenses.

Net impairment charge for expected credit losses reached to SR385Mn for the current period against SR286Mn in the similar period of the previous year with an increase of 34%.

EPS for the current and the previous year are calculated by dividing the net income attributable to common equity holders of the bank (adjusted for Tier 1 Sukuk costs) for the periods by the weighted average number of shares outstanding 4,437,948k (2021: 2,992,891k).

*Investment related income includes Income from FVIS instruments, and Gains on non-FVIS financial instruments.