Saudi National Bank (SNB), the kingdom’s biggest lender, has posted a nearly 20% jump in net profit to $1 billion in third quarter from higher fees.
SNB reported a net profit of 3.8 billion riyals ($1.0 billion) for the quarter that ended on Sept. 30, up from 3.2 billion riyals in the same period a year earlier.
The result was better than the 3.6 billion riyals average analysts’ forecast on Refinitiv Eikon data.
The Saudi bank said total operating income increased by 38.4% mainly due to higher net special commission income, foreign exchange income and higher fees from banking services.
