Riyadh – Mubasher: The net profits of Saudi National Bank (SNB) amounted to SAR 5.02 billion in the first quarter (Q1) of 2023, an annual rise of 11.55% from SAR 4.50 billion.

The earnings per share (EPS) surged to SAR 1.08 as of 31 March 2023 from SAR 0.98 in Q1-22, according to the initial financial results.

During the first three months (3M) of 2023, the clients’ deposits hit SAR 610.79 billion, up 0.67% year-on-year (YoY) from SAR 606.72 billion.

Assets increased by 5.91% YoY to SAR 976.05 billion in Q1-23 from SAR 921.56 billion, while investments climbed by 8.05% YoY to SAR 263.63 billion from SAR 243.98 billion.

On a quarterly basis, the Q1-23 net profits grew by 5.39% from SAR 4.76 billion in Q4-22.

Last year, SNB witnessed 46.67% higher net profits at SAR 18.58 billion, versus SAR 12.66 billion in 2021.