Saudi National Bank’s net profit rose to 10.3 billion in 1H 2024
Net income grew by 2.3% in 1H 2024 and 4.3% in Q2 2024
1H 2024 Financial Results Highlights:
- Total operating income increased by 3.6% YoY reaching to 17.9 billion
- Total assets expanded by 4.9% reaching to 1,088 billion
- Net financing and advances increased by 6.0% to reach 637 billion
- Customers’ deposits grew by 7.2% to reach 633 billion
- The Bank maintained a healthy capitalization level with strong and stable liquidity position
Saudi National Bank (SNB) net profit has increased to 10.3 billion at the end of the first half of the year 2024, and this increase is 2.3% with comparison to the corresponding half in the year 2023. On a quarterly basis, SNB’s net profit of the second quarter of the year 2024 escalated by 4.3% to reach 5.2 billion compared to the corresponding quarter of the year 2023.
Saudi National Bank stated at “Saudi’s Tadawul” that the increase of net profits during the first half of the year 2024 is caused by a jump of the total operating income by 3.6% to reach 17.9 billion mainly due to higher net special commission income by 5.0% and higher fees from banking services by 8.7%.
The total assets increased by 4.9% to reach 1,088 billion during the period compared to December 2023. The main drivers were 5.9% growth in financing, resulted from 4.1% growth in Retail, principally from 7.2% mortgages growth and 7.9% growth in wholesale financing. This was coupled with 6.5% growth in investments portfolio, while the total of customer deposits increased by 7.2% to 633 billion during the period compared to the year ending in December 2023.