The bank’s net profit in the three months to June 30 was about 4.6 billion riyals ($1.22 billion), compared to 2.32 billion riyals in the same period last year.
According to the financial statements, operating income increased by 10.3 percent, which is mainly due to the increase in net special commissions and fees from banking services.
The Saudi National Bank stated that the total operating expenses, including credit losses, decreased by 37%, due to a decrease in rents and expenses for buildings, amortization of intangible assets, other general and administrative expenses, and a net provision for expected credit losses.
Over the first half of the year, the bank’s net profit rose by about 59 percent to 9.1 billion riyals ($2.4 billion).
The National Bank of Saudi Arabia was an extension of the National Commercial Bank and Samba Financial Group, and their merger was completed in April 2021, according to the bank’s file on the Saudi Stock Exchange.
#Net #profit #Saudi #National #Bank #jumps #percent #billion #quarter