RIYADH, Saudi Arabia \u2013 February 1 (ONLINE) Saudi National Bank reported a 46.7 percent increase in net profit in 2022 to SR18.6 billion ($4.96 billion) from SR12.7 billion in 2021, spurred by higher operating income and a decline in provisions for expected credit losses. <\/p>\n
The Kingdom\u2019s biggest bank, which last year acquired a 9.88 percent stake in the troubled Swiss investment institution Credit Suisse, also booked a 61 percent surge in net profit in the fourth quarter of 2022 to SR4.8 billion from SR2.96 billion during the same period in 2021. <\/p>\n
The results beat the average analyst estimate of SR18.2 billion, according to Refinitiv data. <\/p>\n
The bank said in a statement to the Saudi Stock Exchange that total operating income grew 16.9 percent to SR33 billion in 2022 from SR28.23 billion in 2021. <\/p>\n
Its net special commission income jumped 18.4 percent to SR26.29 billion between January and December 2022 from SR22.21 billion in 2021. <\/p>\n
\u201cTotal operating income increased mainly due to higher net special commission income by 18.4 percent, fee income from banking services by 21.1 percent, and lower other operating expenses by 12.4 percent,\u201d the bank said in a statement to Tadawul. <\/p>\n
Moreover, total operating expenses, including impairments, were lower by 15.2 percent, mainly due to a 13.5 percent decline in other general and administrative expenses and a 57.4 percent fall in a net impairment charge for expected credit losses. <\/p>\n
Earnings per share clocked an impressive 46.7 percent increase to SR4.15 in 2022 from SR2.83 in 2021. <\/p>\n
SNB\u2019s total assets also increased 3.43 percent to SR945.46 billion in 2022 from SR914.15 billion in 2021, even as loans and advances gained 9.6 percent to SR543.31 billion to SR497.57 billion during the period under review. <\/p>\n
Customer deposits, however, dropped 3.45 percent to SR568 billion in 2022 compared to SR588.57 in 2021. <\/p>\n
Last month, SNB announced its intention to raise its paid-up capital by SR15.22 billion to boost its financial position. Its board recommended that shareholders approve the increase in capital by about 34 percent, from SR44.78 billion to SR60 billion riyals, through the issuance of bonus shares. <\/p>\n
\u201cThe recommendation is aimed to strengthen the bank\u2019s financial position, which contributes to achieving its strategic objectives,\u201d the bank said in a statement to Tadawul. <\/p>\n
The bank will issue about one bonus share for every three owned by shareholders, it said. <\/p>\n
\u201cThe eligibility of the bonus shares shall be for shareholders owning shares by the end of the trading day of the bank\u2019s extraordinary general assembly meeting, which will be announced at a later date,\u201d the bank said.<\/p>\n","protected":false},"excerpt":{"rendered":"
RIYADH, Saudi Arabia \u2013 February 1 (ONLINE) Saudi National Bank reported a 46.7 percent increase in net profit in 2022 to SR18.6 billion ($4.96 billion) from SR12.7 billion in 2021, spurred by higher operating income and a decline in provisions for expected credit losses. The […]<\/p>\n
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