SNB posts higher profits at SAR 13.81bn in 9M-22

SNB posts higher profits at SAR 13.81bn in 9M-22

Riyadh – Mubasher: Saudi National Bank (SNB) has logged net profits worth SAR 13.81 billion in the first nine months (9M) of 2022, an annual hike of 42.35% from SAR 9.70 billion.

The earnings per share (EPS) increased to SAR 3.02 in 9M-22, versus SAR 2.35 during the same period a year earlier, according to the interim financial results.

Meanwhile, the clients’ deposits amounted to SAR 596.88 billion in the January-September 2022 period, up 1.31% year-on-year (YoY) from SAR 589.19 billion.

The investments rose by 6.96% YoY to SAR 252.18 billion in 9M-22 from SAR 235.78 billion, whereas the assets surged by 6.70% YoY to SAR 964.42 billion from SAR 903.84 billion.

In the third quarter (Q3) of 2022, the Saudi lender posted a growth of 18.72% in net profit to SAR 4.72 billion from SAR 3.98 billion.

On a quarterly basis, the Q3-22 net profits levelled up by 2.96% from SAR 4.58 billion in Q2-22.

During the first half (H1) of 2022, the net profits of SNB reached SAR 9.09 billion, higher by 58.82% YoY than SAR 5.72 billion.