Saudi National Bank (SNB) reported a net profit of SAR 20 billion by the end of 2023, an increase of 4% from SAR 18.6 billion in the prior-year period.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Net Special Commission Income | 26,287.20 | 27,008.94 | 2.7 % |
| Operating Income | 33,004.55 | 34,589.40 | 4.8 % |
| Total Provisions | (1685.48) | (922.75) | 45.3 % |
| Net Income | 18,580.69 | 20,009.97 | 7.7 % |
| Average Shares | 6,000.00 | 6,000.00 | - |
| EPS (Riyals) | 3.10 | 3.33 | 7.7 % |
| EPS Diluted (Riyals) | 3.02 | 3.23 | 6.9 % |
The year-on-year (YoY) profit growth is mainly due to an increase of 45% in net special commission income, as the financing and investment portfolios rose by 10.3% and 4.2%, respectively.
Moreover, the bank’s total operating income grew by 4.8% YoY as a result of an increase in net special commission income by 2.7%, banking services fee income by 5.1%, and income from foreign currency transfers by 23.1%.
In addition, investment income leapt 22% YoY, partially offset by other operating expenses, which rose 21.9%.
The bank’s 2023 profit growth was also driven by a drop in total operating expenses, including credit losses, by 1.7%. This is due to a 45.3% YoY decrease in the net provision for expected credit losses.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Net Special Commission Income | 6,777.04 | 6,887.12 | 1.6 % |
| Operating Income | 8,118.66 | 8,624.68 | 6.2 % |
| Debt Provisions | (166.50) | (430.93) | (158.8 %) |
| Net Income | 4,765.43 | 4,963.24 | 4.2 % |
| Average Shares | 6,000.00 | 6,000.00 | - |
| EPS (Riyals) | 0.79 | 0.83 | 4.2 % |
| EPS Diluted (Riyal) | 0.78 | 0.81 | 4.4 % |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Assets | 945.50 | 1,037.08 | 9.7 % |
| Customer Deposits | 568.28 | 590.05 | 3.8 % |
| Loan | 545.31 | 601.53 | 10.3 % |
In addition, the accelerated collections of corporate sector debts and re-evaluation of some low-value credit portfolios contributed to the bank’s profit surge.
The fourth-quarter net profit grew by 4% to SAR 4.96 billion from SAR 4.76 billion in Q4 2022.
Net profit edged down 0.9% quarter-on-quarter (QoQ) from SAR 5 billion in Q3 2023.
Total shareholders’ equity, excluding minority interest and sukuk, reached SAR 160.7 billion as of Dec. 31, 2023, compared to SAR 150.5 billion a year earlier.
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