Saudi National Bank reported a 7% increase in profit for the third quarter, reaching $1.4 billion, thanks to higher earnings from its operations

Saudi National Bank reported a 7% increase in profit for the third quarter, reaching $1.4 billion, thanks to higher earnings from its operations

Saudi National Bank (SNB), the biggest bank in the Gulf region, reported a 7% increase in its profit for the third quarter of 2024 compared to last year. The profit reached $1.4 billion (SAR 5.3 billion), mainly due to higher earnings from its operations.

Third-Quarter Results

The bank’s income grew by 5.2% compared to last year, reaching $2.4 billion (SAR 9.2 billion). This growth was mainly due to higher income from special commissions (like interest), banking service fees, and investment earnings, the bank said in its report on Tuesday.

Income from financing-related commissions increased by 13.7%, reaching $3.1 billion (SAR 11.6 billion). Meanwhile, income from investment-related commissions jumped 16.5% to $911.2 million (SAR 3.4 billion).

In the first nine months of the year, the bank’s net profit rose by 3.9% to $4.1 billion (SAR 15.6 billion), helped by higher total income and lower non-operating costs.

The bank also reported that its total assets grew by 8.4% since December 2023, thanks to an 8.9% increase in financing, which included a 6.1% rise in retail loans and a 7.9% growth in investments. Additionally, customer deposits went up by 7.5% during the same period.

Sukuk Offering

In February, SNB sold sustainable sukuk (Islamic bonds) worth $850 million as part of its international sukuk program. These bonds will last for five years and are valued in US dollars. A total of 4,250 bonds were issued.

About the Bank

SNB, originally founded as NCB in 1953, merged with Samba Financial Group in 2021. It now operates 474 branches, 19 retail service centers, and 96 QuickPay centers in Saudi Arabia, along with four overseas branches in Bahrain, the UAE, Qatar, and Singapore.

Saudi Arabia’s Public Investment Fund (PIF) owns 37.2% of the bank.

Published: 22nd October 2024

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