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Saudi National Bank posts 20% jump in net profit to $1bn

The Saudi bank said total operating income increased by 38.4% mainly due to higher net special commission income.
By TRENDS Desk
October 24, 2021 12:41 pm
  • 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

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.

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