SNB BOD Chairman increases his stake in the bank by 65% ‎

Ownership of Saeed Muhammad Ali Al-Ghamdi, Chairman of the Board of Directors of the National Bank of Saudi Arabia, increased to about 0.027% of the bank’s shares, an increase of 64.9%, compared to what it was in the previous session, which was 0.016%.

According to financial market data, “Tadawul,” Al-Ghamdi’s ownership in the bank is about 1.6 million shares, an increase of 628.5 thousand shares, with a market value of 24.5 million riyals, according to the last closing of the share, which took place during one session.

It is noteworthy that the National Saudi Bank announced the completion of its purchase of a number of its shares on 11/6/2023, with the aim of allocating them to the bank’s employees within the employee stock program, based on the approval of the extraordinary general assembly held on 10/17/1444, corresponding to 05/07/2023.

According to the bank, the number of shares purchased reached 10 million shares, the value of the shares purchased was 347.8 million riyals, and the average purchase price per share was 34.7766 riyals.

The profits of the Saudi National Bank rose to 15.05 billion riyals by the end of the first 9 months of this year, by 8.9% over the profits of the same period of the previous year, which were 13.8 billion riyals. The bank attributed the increase in net income attributable to shareholders’ rights to the growth of total operating income in addition to To a decrease in the net allowance for expected credit losses

Total operating income increased by 4% due to an increase in net special commission income, an increase in banking services fees, and an increase in income from converting foreign currencies, in addition to an increase in investment income, partially offset by an increase in other operations expenses.

While total operating expenses, including the net provision for expected credit losses, decreased by 7%, mainly due to the decrease in the net provision for expected credit losses.