The Saudi National Bank Reports Net Income Increase by 9% to SAR 15,047 Million by the end of Q3 2023 Compared to the Same Period in 2022
The Saudi National Bank announced a net income after Zakat and income tax of SAR 15,047 million by the end of Q3 2023, representing an increase of 9% compared to SAR 13,815 million in the same period last year.
The Bank explained in a statement on "Tadawul" that the reason for the income increase during the first 9 months of 2023 is due to an increase in the total operating income by 4% mainly due to higher net special commission income, fees from banking services, foreign exchange income, and investment income which were partially offset by higher other operating expenses. In addition, the total operating expenses including net impairment charge for expected credit losses were lower by 7% mainly due to lower impairment charge for expected credit losses. On the other side, total operating expenses including net impairment charge for expected credit losses were lower by 7% mainly due to lower impairment charge for expected credit losses.
During the first nine months of 2023, the Bank's assets rose to SAR 1,027 billion by 9% increase, and the earnings per share (EPS) during the current period reached SAR 2.42 compared to SAR 2.25 (same period in 2022). Customers' deposits rose 10% year-to-date.