SNB's net income increased by 10% to reach SAR 10,037 Million in the First Half of 2023, and Q2 net income reached to SAR 5,016 Million with a growth rate of 9%
The Saudi National Bank, the largest Saudi bank in terms of assets, achieved an increase in its net income in the first half of this year by 10% compared to the same period last year, to reach SAR 10,037 million from SAR 9,091 million.
According to the statement, which was published on the “Tadawul", the basic earnings per share for the current period amounted to SAR 1.62 per share compared to SAR 1.49 per share in the same period of last year.
In the second quarter of 2023, the bank's net income increased by 9% to reach SAR 5,016 million compared to SAR 4,589 million in the same quarter of last year.
The bank said in its statement that the growth in net income attributable to equity holders for the second quarter of 2023 is driven by higher operating income along with lower operating expenses, including net impairment charge for expected credit losses.
Total operating income increased by 2% to SAR 8.5 billion, driven by an increase in fees from banking services, foreign exchange income, and investment income.
Total operating expenses, including net impairment charge for expected credit losses for Q2 2023 decreased by 14% to SAR 2.7 billion from a decrease in net impairment charge for expected credit losses.
The overall balance sheet expanded by 5% during the period comparing to the year ended December 2022. The main drivers were 6% growth in financing, resulted from a 5% growth in Retail, principally from 6% mortgages growth, and 8% growth in Wholesale financing, along with 3% growth in investments. Customers' deposits rose by 6% during the period comparing to the year ended December 2022.