SNB Profits Increased due to Corporate Sector to SR14.44bln, in 2021

Saudi National Bank (SNB) achieved net profits before zakat and income tax, in 2021, amounting to SR14.44 billion, compared to SR12.93 billion, in the previous year, an increase of 11.6%, close to the rate of increase in the net income, for the year after zakat and income tax, which amounted to SR12.78 billion, compared to SR11.56 billion, an increase of 10.6%, Maaal follow up unit revealed.

Net loans and advances to the individual sector increased in 2021 to SR261.08 billion, compared to SR173.80 billion in 2020, an increase of 50.2%, while the bank’s profits before zakat and income tax from the sector declined to SR5.46 billion, compared to SR6.02 billion, in 2020, with a decline rate of 9.2%.

In the corporate sector, net loans and advances increased by 55.9% to SR206.88 billion in 2021, compared to SR132.70 billion in 2020, and the bank achieved a net profit before zakat and income tax in 2021 amounting to SR7.46 billion, compared to SR5.63 billion, an increase of 32.6%.

On the international banking sector, net loans and advances decreased by 27.9% in 2021 to SR16.11 billion, compared to SR22.33 billion in 2020, while the bank’s net profit before zakat and income tax rose to SR0.55 billion in 2021 compared to SR0.48 billion in 2020, a 15% increase.

Meanwhile other loans and advances decreased in 2021 by 33.8% to SR11.84 billion, compared to SR17.88 billion in 2020, while the bank’s net profit before zakat and income tax rose to SR0.97 billion, compared to SR0.82 billion, in 2020, at a rate of 18.9%.

Volume of deposits with SNB increased in 2021 to SR586.94 billion, compared to SR416.42 billion in 2020, an increase of 41%.

The volume of deposits in the individual sector increased by 39.8% to SR331.77 billion in 2021, compared to SR237.36 billion in 2020, while it increased in the corporate sector to SR230.32 billion, compared to SR149.25 billion, an increase of 54.3%, and in the money market sector, deposits rose to SR5.58 million compared to SR4.21 million, an increase of 32.6%, while it declined in the international banking sector to SR24.85 billion, compared to SR29.80 billion, a decrease of 16.6%