The Saudi National Bank announced a net income after Zakat and income tax of SAR 20.0 billion by the end of 2023, representing an increase of 8% compared to SAR 18.6 billion in 2022. This followed the announcement of the annual financial results for the period ending on 31-12-2023.


The Bank explained in a statement on "Tadawul" that the reason for the income increase during 2023 compared to 2022 is due to a total operating income increased by 5% to SAR 34.6 billion, mainly due to higher net special commission income by 3% and fees income from banking services by 5%, these were partially offset by higher operating expenses by 6%.  Net financing and advances expanded by SAR 56 billion and reaching a total of SAR 602 billion, a 10% increase from 31 December 2022.


During the past year, the Bank's assets rose to SAR 1,037 billion by 10% increase, and the earnings per share (EPS) during the current period reached SAR 3.23 compared to SAR 3.03 compared to 2022.


Net impairment charge for expected credit losses reached to SAR 923 million in the current year against SAR 1,685 million in previous year with a decrease of 45%.