Argaam Charts: Al Rajhi Bank's Q3 vs SNB results

Logos of Saudi National Bank (SNB) and Al Rajhi Bank

Saudi Arabia’s largest two lenders, Saudi National Bank (SNB) and Al Rajhi Bank, recently announced their financial results for Q3 2024.

SNB’s profit rose 7% year-on-year (YoY) to SAR 5.36 billion in Q3 2024.

Al Rajhi Bank reported a 23% YoY increase in net profit to SAR 5.1 billion during the third quarter.

Earnings per share (EPS) stood at SAR 0.87 for SNB.

Al Rajhi Bank’s EPS reached SAR 1.22/share.

SNB’s debt provisions came to SAR 227 million in Q3 2024.

Al Rajhi Bank recorded a debt provision of SAR 688 million for the three-month period.

Assets of SNB rose 10% YoY to SAR 1.12 trillion.

Al Rajhi Bank’s assets registered an increase of 13% YoY to SAR 902.6 billion.

Customers’ deposit at SNB grew 2% to SAR 634 billion by the end of September 2024.

Customers’ deposit at Al Rajhi Bank surged 10% to SAR 622.6 billion by September 2024-end.

Credit portfolio inched up 10% YoY to SAR 655.3 billion at SNB.

Al Rajhi Bank’s credit portfolio expanded 10% YoY to 649 billion by September 2024- end.

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