Saudi National Bank (SNB) said Wednesday its full-year net profit surged 47% to $4.9 billion (SAR 18.6 billion) in 2022, thanks to higher operating income and lower net impairment charges.
The largest Saudi bank's net profit beat Refinitiv's mean analysts’ estimates of $4.8 billion (SAR 18.1 billion).
Total operating income grew by 16.9% year-on-year, mainly due to an 18.4% rise in net special commission income, a 21% rise in fee income from banking services, and a 12.4% fall in other operating expenses.
Net impairments or total provisions for expected credit and other losses plunged more than 57% to $450.2 million (SAR 1.69 billion).
Provision for expected credit and other losses plummeted by more than 57% to $447.6 billion (SAR1.68 billion).
Earnings per share (EPS) was $1.1 (SAR 4.1) in 2022, compared to $0.8 (SAR 2.99) in the year-ago period.
SNB shares rose 1.7% to $12.81 (SAR 48.10) as of 11:19 am GST Wednesday, taking its market capitalization to $57.4 billion (SAR 215.4 billion).
