Saudi National Bank (SNB) posted a 12% jump in Q1 2023 net profit to SAR 5 billion, compared to SAR 4.5 billion in the prior-year period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Net Special Commission Income | 6,108.44 | 6,780.66 | 11.0 % |
| Operating Income | 8,092.89 | 8,733.59 | 7.9 % |
| Debt Provisions | (386.25) | (492.78) | (27.6 %) |
| Net Income | 4,501.58 | 5,021.54 | 11.6 % |
| Average Shares | 6,000.00 | 6,000.00 | - |
| EPS (Riyals) | 0.75 | 0.84 | 11.6 % |
| EPS Diluted (Riyal) | 0.73 | 0.81 | 10.2 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Net Special Commission Income | 6,777.04 | 6,780.66 | 0.1 % |
| Operating Income | 8,118.66 | 8,733.59 | 7.6 % |
| Debt Provisions | (166.50) | (492.78) | (196.0 %) |
| Net Income | 4,765.43 | 5,021.54 | 5.4 % |
| Average Shares | 6,000.00 | 6,000.00 | - |
| EPS (Riyals) | 0.79 | 0.84 | 5.4 % |
| EPS Diluted (Riyal) | 0.78 | 0.81 | 3.8 % |
Total operating income rose 8% year-on-year (YoY) to SAR 8.7 billion, driven by an increase in net income from special commissions as well as from financing and investments on margin and balance sheet expansion.
Operating expenses (OpEx) before provisions for credit and other losses were unchanged. Hence, the cost-to-income ratio improved YoY.
On the other hand, net impairment charges for expected credit losses reached SAR 493 million for the current period, up 28% from SAR 386 million in Q1 2022.
Compared to Q4 2022, the bank’s net profit grew 5.4% from SAR 4.7 billion, backed also by an 8% rise YoY in operating income.
| Item | 3m 2022 | 3m 2023 | Change |
|---|---|---|---|
| Assets | 921.56 | 976.06 | 5.9 % |
| Customer Deposits | 606.72 | 610.79 | 0.7 % |
| Loan | 514.63 | 566.34 | 10.0 % |
Shareholders’ equity, after minority interest and sukuk, increased to SAR 154.66 billion as of March 31, 2023, from SAR 152.39 billion a year earlier.
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