Saudi National Bank (SNB)’s profits nearly doubled in the second quarter due to higher operating income and lower expenses, which included provisions for impairment.
Saudi’s largest lender reported a net profit of 4.59 billion riyals ($1.22 billion) for the three months ending June 30, up from 2.32 billion riyals in the same period last year.
SNB further stated that operating income increased by 10.3 percent as a result of an increase in net special commissions and fees from banking services.
Expenditures fell 36.5 percent, owing primarily to lower rents and building expenses. Expenses also included provisions for impairment, which dropped as a result of the decrease in credit loss provisions.
SNB’s net profit increased by 58.8 percent to about 9.09 billion riyals after zakat and tax in the first half of this year, compared to about 5.72 billion riyals in the same period in 2021.