SNB stock gains to hit IPO-high

Shares of Saudi National Bank (SNB) rose 3.20% to trade at SR 77, the highest since the bank’s IPO in 2014.

The stock soared SR 13 or 20.2% year-to-date compared to the last session’s close of 2021 at SR 64.40.

About 2.84 million shares of SNB have been traded today through executing 3085 deals worth SR 217.2 million.

This came as the main Saudi stock index “TASI” closed up 89.96 points at 13733.87 points with transactions worth 8.6 billion riyals.

It is worth noting that SNB announced this week that it had reported profit jump of 32.1% to SR 4.502 billion in the first quarter of 2022 compared to SR 3.408 billion during the same period of 2021.