SNB profits jump 47% during 2022, to SR18.58 bln

The net profit of the Saudi National Bank (SNB) jumped to 18.58 billion riyals in the current year, compared to 12.66 billion riyals in the year 2021 AD, by 47%. This came after the announcement today of the annual financial results ending on 12-31-2022.

The operational profits in 2022 amounted to 33 billion riyals, compared to 28 billion riyals in the year before last, an increase of 17%.

The net income of special commissions from financing and investments in the current year amounted to 26.28 billion riyals, compared to 22.2 billion riyals in the year before last, an increase of 18%.

Earnings per share in the current year amounted to 4.06 riyals, compared to 2.99 riyals in the previous year.

The reason for the increase in net profit during this year compared to the previous year is due to an increase in net income attributable to equity by 46.7% due to an increase in total operating income and a decrease in the net provision for expected credit losses.

Total operational income increased by 16.9% due to an increase in net special commission income by 18.4%, an increase in income from banking services fees by 21.1%, and a decrease in other operating expenses by 12.4%.

Also, the total operational expenses, including credit losses, decreased by 15.2%, due to the decrease in other general and administrative expenses by 13.5%, and the decrease in the net provision for expected credit losses by 57.4%.

The administration said that some figures for the previous year have been reclassified to be in line with comparative purposes

The net impairment allowance for expected credit losses during the current year amounted to 1.69 billion Saudi riyals, compared to 3.96 billion Saudi riyals for the previous year, a decrease of 57.4%.

Earnings per share for the current and past years were calculated by dividing the net income for the period attributable to the bank’s shareholders for the year (after deducting costs related to the first tranche sukuk) by the weighted average number of shares outstanding during the period 4,438,140 thousand (2021: 4,075,058 thousand).