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SNB reports 20% increase in Q3 profits

SNB reports 20% increase in Q3 profits
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Riyadh – Mubasher: The Saudi National Bank (SNB) registered a 19.8% annual growth in net profits to SAR 3.78 billion in the third quarter (Q3) of 2021 from SAR 3.15 billion.

On a quarterly basis, the Q3-21 net profits were 78.7% higher than SAR 2.11 billion in Q2-21, according to the interim income statements on Sunday.

During the first nine months of 2021, SNB recorded a year-on-year (YoY) surge of 15% in net profits to SAR 9.31 billion from SAR 8.08 billion.

Earnings per share stood at SAR 2.25 at the end of September 2021, compared to SAR 2.59 in the same period last year.

Assets soared by 56.5% YoY to SAR 902.72 billion in the January-September 2021 period from SAR 576.63 billion.

Clients’ deposits increased by 44% on an annual basis to SAR 589.19 billion in the nine-month period this year from SAR 408.47 billion.