SNB profit edges up 6% to SAR 21.19B in 2024; Q4 at SAR 5.56B

29/01/2025 Argaam Exclusive

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Saudi National Bank (SNB) reported a net profit of SAR 21.19 billion in 2024, 6% growth, from SAR 20.01 billion a year earlier.



Financials (M)

Item 2023 2024 Change‬
Net Special Commission Income 27,008.94 27,730.19 2.7 %
Operating Income 34,589.40 36,038.36 4.2 %
Total Provisions (937.60) (1016.60) (8.4 %)
Net Income 20,009.97 21,193.00 5.9 %
Average Shares 6,000.00 6,000.00 -
Earnings Per Share before unusual items (Riyals) 3.33 3.53 5.9 %
EPS (Riyal) 3.33 3.53 5.9 %
EPS Diluted (Riyal) 3.23 3.43 6.2 %

Special commission income increased by 16% year-on-year (YoY) due to an 8.8% increase in financing portfolio along with an 8.7% increase in the investment portfolio.

 

Total operating income increased by 4.2% to SAR 36 billion as net special commission income rose by 2.7%, net fee income from banking services by 17.2%, and investment income by 11.9%.

 

This was offset by an increase in net impairment charge for expected credit losses by 10.9%.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Net Special Commission Income 6,873.13 6,903.66 0.4 %
Operating Income 8,624.68 8,987.96 4.2 %
Debt Provisions (456.72) (46.22) 89.9 %
Net Income 4,963.24 5,556.73 12.0 %
Average Shares 6,000.00 6,000.00 -
Earnings Per Share before unusual items (Riyal) 0.83 0.93 12.0 %
EPS (Riyal) 0.83 0.93 12.0 %
EPS Diluted (Riyal) 0.81 0.91 12.3 %

Balance Sheet (B)

Item 2023 2024 Change‬
Assets 1,037.08 1,104.15 6.5 %
Customer Deposits 590.05 579.76 (1.7 %)
Loan 601.53 654.25 8.8 %

Q4 2024 net earnings reached SAR 5.56 billion, up 12% YoY from SAR 4.96 billion.

 

On a sequential basis, net profit rose 3.6% from SAR 5.36 billion.

 

Total shareholders’ equity, after minority interest and sukuk, stood at SAR 177.38 billion by Dec. 31, 2024, compared to SAR 160.72 billion a year earlier.

 

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