Saudi National Bank (SNB) posted an 18.72% rise in net profits to $1.3 billion (SAR 4.73 billion) in the third quarter of 2022, compared to $1.06 billion (SAR 3.98 billion) in the same quarter a year earlier, the bank said in a bourse filing Sunday.
SNB earnings Gross income from special commissions, financing, and investments increased to $2.4 billion (SAR 8.93 billion), marking an increase of 27.41% compared to the same quarter a year earlier at $1.9 billion (SAR 7.01 billion), the filing showed.
During the first nine months of 2022, gross income in SNB surged year-on-year by 28.65% to $6.4 billion (SAR 24.1 billion). Net income from special commissions, financing, and investments during the third quarter of 2022 declined by 3.69% to $1.8 billion (SAR 6.6 billion) compared to the second quarter of the year when it was at $1.81 billion (SAR 6.8 billion). It rose however on an annual basis by 5.62%.
During the first nine months of 2022, net income increased by 19.5% year-on-year to $5.2 billion (SAR 19.45 billion). Net profits also increased by 42.35% year-on-year to $3.7 billion (13.82 billion). Total shareholders' equity (excluding non-controlling interest) increased on an annual basis by 1.46% to $43.2 billion (SAR 162.4 billion) in the first nine months of 2022. The net income attributable to equity holders increased in the third quarter of the year by 18.7% year-on-year, driven by higher total operating income and lower net impairment charge for expected credit losses, the bourse filing said. Total operating income also rose by 7.3% on a quarter-on-quarter basis, and 17.5% on an annual basis during the first nine months of the year, mainly due to higher net special commission income, fee income from banking services, foreign exchange income, investment income, and lower other operating expenses. SNB shares rose 0.3% to $17.53 (SAR 65.9) as of 3:30 pm GST Sunday, following the results' announcement. SNB sukuk In September, SNB announced the completion of the offer of its additional Tier 1 Sukuk worth $878.3 million (SAR 3.3 billion). The stated purpose of that offer was to strengthen the bank's capital base "in accordance with the Basel III framework." SNB Capital Company was the sole book runner, lead arranger, and lead manager for the offer.
The bank had commenced the $878.3 million (SAR 3.3 billion) offer to eligible investors in Saudi Arabia on August 28 with a par value of $266,006 (SAR 1 million) per sukuk, a total of 3,300 Sukuk, and a return of 5% per annum
