Saudi National Bank’s Third Quarter Profit up 18.7%

Business

October 23rd, 6:19am

Asharq Al-Awsat

Riyadh Skyscrapers tower over a highway in the main financial hub, Riyadh, Saudi Arabia, Dec. 16, 2020. (AFP)

Saudi National Bank, the Kingdom's biggest lender, said on Sunday its net profit in the third quarter rose 18.7% from the same period year before on higher operating income and lower net impairments for expected credit losses. SNB posted net profit of 4.725 billion riyals ($1.26 billion) in the quarter, up from 3.98 billion riyals a year earlier. That was below the EFG Hermes estimate of 5.25 billion riyals. Operating income was 8.45 billion riyals, up 7.3% from 7.88 billion riyals a year earlier. Net impairment charges for expected credit losses were 1.52 billion riyals, less than half the 3.43 billion riyals a year prior. "Total operating expenses including impairments were lower by 11.5% mainly due to lower staff expenses, amortization of intangible assets, other general and administrative expenses, and net impairment charge for expected credit losses," SNB said. Earnings per share rose to 3.02 riyals from 2.35 riyals.

from Asharq AL-awsat https://english.aawsat.com/home/article/3946191/saudi-national-bank%E2%80%99s-third-quarter-profit-187