Saudi National Bank (SNB), which is considered the largest bank in Saudi Arabia by assets, its net profit has increased to five billion Saudi Riyals at the end of the first quarter of the year 2024, and this increase is 0.4% with comparison to the corresponding quarter in the year 2023. On a quarterly basis, SNB’s net profit escalated to by 1.5% compared to the fourth quarter of the year 2023.

Saudi National Bank has declared in a statement at “Saudi’s Tadawul” that the cause of increase of net profits during the current quarter with comparison to the corresponding quarter of the past year is caused by the increase of the total income for the shareholders’ equity by 0.4%, due to the rise of transactions’ income by 2.4%, with addition to the rise of income and the expenses of other non-operational transactions they were partially met with an increase in operating expenses which includes a net dedicated for the expected credit losses.  

Saudi National Bank (SNB) also stated that the cause of increase in net profit during the current quarter compared the previous one is due to the increase in net profit for shareholders’ equity by 1.5%, as a result of an increase in operating income by 3.7%, in addition to an increase in net come and expenses from other non operational operations.

The total assets increased by 3.4% during the period compared by last year’s December period which is due to the increase of financing portfolio by 3.9% as a result of the increase that occurred to the individual financing portfolio by 2.5%, mainly depending on the increase of real estate financing by 4.4% with addition to an increase in corporate financing portfolio by 5.6%, this went hand in hand with an increase in the investment portfolio by 2.4%, while the total of customer deposits increased by 11.2% during the period compared to the year ending in December 2023.