Saudi National Bank’s profit for the first quarter rises by 20% to $1.6 billion
Saudi National Bank (SNB), the biggest bank in the Gulf, announced a 19.5% increase in its net profit for the first quarter, reaching $1.6 billion (SAR 6 billion) on Tuesday. This growth was due to a 7.6% rise in operating income and a 16.7% drop in operating expenses.
First Quarter Performance
The Saudi bank reported a 5.7% increase in special commission income. This was due to a 2.6% rise in income from its financing portfolio, reaching $2.9 billion (SAR 10.9 billion), and a 16.8% increase in income from its investment portfolio, reaching $910 million (SAR 3.4 billion).
Total operating income grew by 7.6% in the first quarter to $2.5 billion (SAR 9.6 billion). This was mainly because net special commission income rose by 5% to $1.9 billion (SAR 7.3 billion), net fee income from banking services increased by 6.6% to $320 million (SAR 1.2 billion), and total investment gains went up by 34.9% to $240 million (SAR 900 million).
Total assets grew by 6.1% during the quarter, mainly due to an 8% increase in overall financing.
Share Price
SNB’s share price went up by 3.1% to $9.3 (SAR 34.95) around 2:21 pm AST Arabia after the bank announced its financial results.
Share Buyback Program
Last week, SNB shareholders approved a plan to buy back up to 16 million shares for its Key Employees Equity Program. The bank will use its own resources to fund these purchases, and the shares will be held as Treasury Shares for the program.
Key Background
SNB, originally founded as NCB in 1953, merged with Samba Financial Group in 2021. It operates 481 branches, 21 retail service centers, and 93 QuickPay remittance centers in Saudi Arabia. It also has branches in Bahrain, the UAE, Qatar, and Singapore, and subsidiaries in Pakistan and Turkey.
In July 2024, the bank entered Taiwan’s Formosa market by issuing a $500 million five-year senior unsecured FRN Bond.
Published: 23th April 2025
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