Saudi National Bank “SNB” (1180) hiked its net income 7% YoY during the third quarter of the current year to SAR 5.4 billion.
The lender’s numbers for the period surpassed analyst projections, which estimated profits to stand at SAR five billion.
Details
The Kingdom’s largest bank by asset value benefited from an increase in its total operational income from July to September.
This rose by 5.2% YoY to reach SAR 9.2 billion.
So what
Saudi National Bank had a strong third quarter, with net income from commissions increasing by 0.5% YoY.
Net income from banking service fees and total investment income rose by 19.6% and 41.1% YoY, respectively.
On the other hand, the bank made lower-than-expected provisions of SAR 227 million.
Claps Class
In accounting, provisions refer to the funds set aside from revenues to cover confirmed or potential expenses or losses.
For example, fixed assets like vehicles lose efficiency over time.
As a result, their productivity declines, negatively impacting the company’s success.
Some context
The bank’s net profits surged during the first nine months of the current year to SAR 15.6 billion, marking an annual increase of nearly 4%.
Earnings per share rose to SAR 2.53, compared to SAR 2.42 in the same period last year.
