RIYADH: The Saudi National Bank reported a 46.7 percent surge in annual profits in 2022 on the back of a rise in operating income.
Annual net profits of SNB reached SR18.6 billion ($5 billion) at the end of last year compared to SR12.7 billion in 2021, according to a bourse statement.
It indicated that the bank saw a 16.9 percent increase in operating profit in 2022 compared to the year before.
Operating income yielded profit as a result of an 18.4 percent increase in net special commission income, and a 21.1 percent increase in money from banking service fees.
Additionally, other operating expenses fell by 12.4 percent, and the total operating expenses – including credit losses – fell by 15.2 percent in 2022.
This was driven by a 13.5 percent drop in other general and administrative expenses, as well as a 57.4 percent drop in the net provision for expected credit losses.
In 2022, the SNB’s assets reached SR945 billion showing a 3.4 increase, revealed the bourse statement.
The bank’s earnings per share amounted to SR4.06 last year compared to SR2.99 the year before.
SNB’s net provision for expected credit losses plummeted by 57.45 percent – from SR3.96 billion in 2021 to SR1.69 billion in 2022.
