Saudi National Bank (SNB) posted a slight increase in Q1 2024 net profit to SAR 5.04 billion, compared to SAR 5.02 billion in the prior-year period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Net Special Commission Income | 6,780.66 | 6,911.33 | 1.9 % |
| Operating Income | 8,733.59 | 8,939.42 | 2.4 % |
| Debt Provisions | (492.78) | (654.56) | (32.8 %) |
| Net Income | 5,021.54 | 5,039.61 | 0.4 % |
| Average Shares | 6,000.00 | 6,000.00 | - |
| EPS (Riyals) | 0.84 | 0.84 | 0.4 % |
| EPS Diluted (Riyal) | 0.81 | 0.82 | 1.7 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Net Special Commission Income | 6,887.12 | 6,911.33 | 0.4 % |
| Operating Income | 8,624.68 | 8,939.42 | 3.6 % |
| Debt Provisions | (430.93) | (654.56) | (51.9 %) |
| Net Income | 4,963.24 | 5,039.61 | 1.5 % |
| Average Shares | 6,000.00 | 6,000.00 | - |
| EPS (Riyals) | 0.83 | 0.84 | 1.5 % |
| EPS Diluted (Riyal) | 0.81 | 0.82 | 1.2 % |
The higher profit was driven by a 21.9% rise year-on-year (YoY) in special commission income due to an increase in financing and investment portfolios coupled with higher benchmark rate.
Meanwhile, operating revenue grew by 2.4% YoY along with an increase in net other non-operating income/expenses. This was partially offset by a 32.8% rise in operating expenses including net impairment charge for expected credit losses.
| Item | 3m 2023 | 3m 2024 | Change |
|---|---|---|---|
| Assets | 976.06 | 1,072.14 | 9.8 % |
| Customer Deposits | 610.79 | 656.26 | 7.4 % |
| Loan | 566.34 | 625.20 | 10.4 % |
Compared to Q4 2023, the bank’s net profit grew 1.5% from SAR 4.96 billion due to higher operating revenue by 3.7% along with an increase in net other non-operating income/expenses.
Shareholders’ equity, after minority interest and sukuk, increased to SAR 164.07 billion as of March 31, 2024, from SAR 152.80 billion a year earlier.
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