The Saudi National Bank announces its Interim Financial Results for the Period Ending on 2024-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Total Income From Special Commission of Financing | 11,130 | 9,226 | 20.637 | 10,620 | 4.802 |
| Total Income From Special Commission of Investment | 3,249 | 2,694 | 20.601 | 2,932 | 10.811 |
| Net Income From Special Commission of Financing | 6,709 | 5,957 | 12.623 | 6,406 | 4.729 |
| Net Income From Special Commission of Investment | 342 | 565 | -39.469 | 506 | -32.411 |
| Total Operations Profit (Loss) | 8,916 | 8,494 | 4.968 | 8,939 | -0.257 |
| Net Profit (Loss) before Zakat and Income Tax | 5,729 | 5,795 | -1.138 | 5,696 | 0.579 |
| Net Profit/(Loss) | 5,231 | 5,016 | 4.286 | 5,040 | 3.789 |
| Total Comprehensive Income | 4,949 | 3,760 | 31.622 | 3,722 | 32.966 |
| Total Operating Expenses Before Provisions for Credit and Other Losses | 2,750 | 2,607 | 5.485 | 2,665 | 3.189 |
| Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net | 120 | 76 | 57.894 | 655 | -81.679 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Income From Special Commission of Financing | 21,751 | 17,642 | 23.291 |
| Total Income From Special Commission of Investment | 6,181 | 5,398 | 14.505 |
| Net Income From Special Commission of Financing | 13,114 | 11,447 | 14.562 |
| Net Income From Special Commission of Investment | 848 | 1,855 | -54.285 |
| Total Operations Profit (Loss) | 17,856 | 17,228 | 3.645 |
| Net Profit (Loss) before Zakat and Income Tax | 11,426 | 11,589 | -1.406 |
| Net profit (Loss) | 10,270 | 10,037 | 2.321 |
| Total Comprehensive Income | 8,672 | 6,754 | 28.397 |
| Assets | 1,088,112 | 996,205 | 9.225 |
| Investments | 286,735 | 264,827 | 8.272 |
| Loans And Advances Portfolio (Financing And Investment) | 637,235 | 577,849 | 10.277 |
| Clients' deposits | 632,693 | 602,209 | 5.062 |
| Total Shareholders Equity (after Deducting Minority Equity) | 179,202 | 170,178 | 5.302 |
| Total Operating Expenses Before Provisions for Credit and Other Losses | 5,415 | 5,050 | 7.227 |
| Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net | 775 | 569 | 36.203 |
| Profit (Loss) per Share | 1.66 | 1.62 | |
| 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 20.6% reaching to SAR 14.4 billion due to 20.6% increase in special commission income from financing portfolio coupled with 20.6% increase in special commission income from investments portfolio. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net income attributable to equity holders of the Bank grew by 4.3% reaching SAR 5.2 billion in Q2 2024 driven by higher operating income.
Total operating income improved by 5.0% reaching SAR 8.9 billion, driven by higher net special commission income by 8.1%, fees from banking services by 1.8%, and total investment income by 14.3%. |
| 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 58.3%. |
| The reason of the increase (decrease) in special commission income during the current quarter compared to the previous quarter is | Increase in special commission income by 6.1% reaching to SAR 14.4 billion due to 4.8% increase in special commission income from financing portfolio coupled with 10.8% increase in special commission income from investments portfolio. |
| 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 3.8% mainly due to lower impairment charge for expected credit losses by 81.6%. |
| 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 decreased by 81.6%. |
| The reason of the increase (decrease) in special commission income during the current period compared to the same period of the last year is | Increase in special commission income by 21.2% reaching to SAR 27.9 billion due to 23.3% increase in special commission income from financing portfolio coupled with 14.5% increase in special commission income from investments portfolio. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Net income attributable to equity holders of the Bank grew by 2.3% driven by higher operating income.
Total operating income increased by 3.6% mainly due to higher net special commission income by 5.0% and higher fees from banking services by 8.7%. |
| The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current period compared to the same period of the last year is | Net impairment charge for expected credit losses increased by 36.2%. |
| 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) | The consolidated financial statements for the year ended 31 December 2023 and the interim financial information for the period ended 30 June 2023 were respectively audited and reviewed by other joint auditors who expressed an unmodified opinion and review conclusion on 13 February 2024 (corresponding to 3 Sha’ban 1445H) and 1 August 2023 (corresponding to 14 Muharram 1445H) respectively. |
| Reclassification of Comparison Items | During the period, term loans have been reclassified from “Due to banks, Saudi Central Bank and other financial institutions” to “Debt securities issued and term loans” in order to reflect the Group’s funding profile, in addition to the mentioned reclassification, certain insignificant prior periods figures have been reclassified to conform to current period presentation. |
| Additional Information | EPS for the current and previous period 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.
Total assets expanded by 4.9% during the period compared to December 2023. The main drivers were 5.9% growth in financing, resulted from 4.1% growth in Retail, principally from 7.2% mortgages growth and 7.9% growth in wholesale financing. This was coupled with 6.5% growth in investments portfolio.
Customers’ deposits rose by 7.2% during the period compared to December 2023. |
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