Saudi National Bank’s Profit Up 20 Percent in Q3

Published October 24th, 2021 - 11:00 GMT
Saudi National Bank’s Profit Up 20 Percent in Q3
The kingdom's biggest lender posted a net profit of $1 billion (3.8 billion riyals) for this year's third quarter, rising up from 3.2 billion riyals compared to the same period last year. (Shutterstock)
Highlights
The Kingdom's largest lender posted $1bn in net profit during the period

The Saudi National Bank (SNB) announced on Sunday its interim financial results for the period ending on 2021-09-30 ( Nine Months ) with a nearly 20% increase in third-quarter profit from higher fees.

The kingdom's biggest lender posted a net profit of $1 billion (3.8 billion riyals) for this year's third quarter, rising up from 3.2 billion riyals compared to the same period last year.

After its merger with Samba Financial Group back in April 2021, the bank recorded a 19.9% higher net income due to the operating expenses increased 4%, higher net special commission income, as well as foreign exchange income, and higher fees from banking services.

Saudi

The total operating income increased by 34.2% mainly from higher net special commission income, investment-related income, fees income from banking services, foreign exchange income, the announcement reads.


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