The Saudi National Bank announces its Interim Financial Results for the Period Ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Total Income From Special Commission of Financing | 10,620 | 8,416 | 26.188 | 10,693 | -0.682 |
| Total Income From Special Commission of Investment | 2,932 | 2,704 | 8.431 | 2,980 | -1.61 |
| Net Income From Special Commission of Financing | 6,406 | 5,490 | 16.684 | 5,850 | 9.504 |
| Net Income From Special Commission of Investment | 506 | 1,290 | -60.775 | 1,037 | -51.205 |
| Total Operations Profit (Loss) | 8,939 | 8,734 | 2.347 | 8,625 | 3.64 |
| Net Profit (Loss) before Zakat and Income Tax | 0 | 0 | - | 0 | - |
| Net Profit/(Loss) | 5,040 | 5,022 | 0.358 | 4,963 | 1.551 |
| Total Comprehensive Income | 3,722 | 2,994 | 24.315 | 7,939 | -53.117 |
| Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net | 655 | 493 | 32.86 | 431 | 51.972 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Assets | 1,072,144 | 976,063 | 9.843 |
| Investments | 275,609 | 263,635 | 4.541 |
| Loans And Advances Portfolio (Financing And Investment) | 625,202 | 566,337 | 10.393 |
| Clients' deposits | 656,261 | 610,791 | 7.444 |
| Total Shareholder’s Equity (After Deducting The Minority’s Rights) | 179,987 | 170,151 | 5.78 |
| Profit (Loss) per Share | 0.82 | 0.81 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in special commission income during the current quarter compared to the same quarter of the last year is | Increase in special commission income by 21.9% due to an increase in financing and investments portfolios coupled with an increase in benchmark rate. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Increase in net profit attributable to equity holders' of the bank by 0.4% due to higher operating revenue by 2.4% along with an increase in other non-operating income/expenses, net. This was partially offset by higher operating expenses including net impairment charge for expected credit losses. |
| The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the same quarter of the last year is | Net impairment charge for expected credit losses increased by 32.8%. |
| The reason of the increase (decrease) in special commission income during the current quarter compared to the previous quarter is | Despite the increase in domestic SCI, the international subsidiary’s SCI dropped significantly by 20.6% compared to the previous quarter resulted in a decrease in the group overall SCI by 0.9%. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter is | Increase in net profit attributable to equity holders' of the bank by 1.5% due to higher operating revenue by 3.7% along with an increase in other non-operating income/expenses, net. |
| The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the previous quarter is | Net impairment charge for expected credit losses increased by 51.9%. |
| Statement of the type of external auditor's report | Unmodified Conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | NA |
| Reclassification of Comparison Items | Some numbers have been re-classified for comparative reasons. |
| Additional Information | EPS for the current and previous periods is 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 5,944,542K (2023: 5,950,573K).
Total assets expanded by 3.4% during the period compared to December 2023. The main drivers were 3.9% growth in financing, resulted from 2.5% growth in Retail, principally from 4.4% mortgages growth and 5.6% growth in wholesale financing. This was coupled with 2.4% growth in investments.
Customers’ deposits rose by 11.2% during the period compared to December 2023. |
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