Saudi National Bank Q3 profit up 6%

1 min read

Saudi National Bank (SNB) has reported a 6% increase in net profit for the third quarter compared to the same period the previous year. The bank’s net profit reached 5.01 billion Saudi riyals ($1.34 billion) for Q3, surpassing analysts’ estimates. SNB attributed the growth in profit to higher operating income and lower provisions for bad loans. Total operating income increased by 3% during the quarter, driven by higher net special commission income, fees from banking services, and foreign exchange income. Operating expenses fell by 10%, primarily due to a decrease in the net impairment charge for expected credit losses. However, high operating expenses partly offset the decline. Total operating expenses before provisions increased by 13.6% compared to the previous year.

You May Also Like

More From Author