The Saudi National Bank announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Six Months )

27 July 2022 08:14 AM

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Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Total income from Special Commissions/Financing & Investments	8,227	6,803	20.93	6,918	18.92
Net Income from Special Commissions/Financing & Investments	6,806	5,888	15.59	6,085	11.85
Total Operation Profit (Loss)	8,373	7,588	10.35	8,065	3.82
Net Profit (Loss) before Zakat and Income Tax	5,307	2,613	103.1	5,158	2.89
Net Profit (Loss)	4,589	2,316	98.14	4,502	1.93
Total Comprehensive Income	187	3,143	-94.05	2,518	-92.57
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total income from Special Commissions/Financing & Investments	15,144	11,703	29.4
Net Income from Special Commissions/Financing & Investments	12,891	10,066	28.06
Total Operation Profit (Loss)	16,438	13,307	23.53
Net Profit (Loss) before Zakat and Income Tax	10,465	6,430	62.75
Net Profit (Loss)	9,091	5,724	58.82
Total Comprehensive Income	2,705	5,232	-48.3
Total Share Holders Equity (after Deducting Minority Equity)	160,988	159,694	0.81
Assets	958,473	897,356	6.81
Investments	247,851	228,860	8.3
Loans and Advances Portfolio (Financing & Investment)	536,189	501,803	6.85
Clients' deposits	593,011	588,135	0.83
Profit (Loss) per Share	1.99	1.46
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The net income attributable to equity holders increased by 98.1% driven by higher total operating income and lower net impairment charges. Total operating income increased by 10.3% mainly due to higher net special commission income and fees from banking services. These were partially offset by lower investment income. Total operating expenses including impairment were lower by 36.5% mainly due to lower rent and premises-related expenses, amortization of intangible assets, other general and administrative expenses, and net impairment charge for expected credit losses.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	The net income attributable to equity holders increased by 1.9% driven by higher total operating income offset by higher operating expenses including net impairment charges. Total operating income increased by 3.8% mainly due to higher net special commission income and fees from banking services. These were partially offset by lower investment income. Total operating expenses including impairment were higher by 12.4% mainly due to higher salaries and employee-related expenses, rent and premises-related expenses, other general and administrative expenses, and net impairment charge for expected credit losses.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	58.8% higher net income driven from higher total operating income and lower operating expense including net impairment charge. Total operating income increased by 23.5% mainly due higher net special commission income, fees from banking services, foreign exchange income, and lower other operating expenses. Total operating expenses including impairment were lower by 12.5% mainly due to lower impairment charge for credit losses.
Statement of the type of external auditor's report	Unmodified Conclusion
Reclassification of Comparison Items	Some numbers have been re-classified for comparative reasons.
Additional Information	Net impairment charge for expected credit losses reached SAR 978Mn for the current period against SAR 2,701Mn in the similar period of the previous year with a decrease of 63.8%. EPS for the current and the previous year are calculated by dividing the net income attributable to common equity holders of the bank (adjusted for Tier 1 Sukuk costs) for the periods by the weighted average number of shares outstanding 4,438,030k (2021: 3,714,327k).

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