Saudi National Bank, the largest lender in Saudi Arabia by assets, reported a 47 per cent increase in full year net profit driven by higher total operating income and lower net impairment charges as the kingdom's economic recovery continues.
Net profit for the year ended December rose to about 18.6 billion Saudi riyals ($5 billion), from the previous year, the lender said in a statement on Wednesday to the Tadawul Stock Exchange, where its shares are traded.
SNB’s total operating income increased by nearly 17 per cent to 9.35 billion riyals during the year.
This was driven by an 18.4 per cent jump in net special commission income, a 21 per cent increase in fee income from banking services and other operating expenses that fell 12.4 per cent.
Net impairments, or total provisions for expected credit and other losses dropped more than 57 per cent to 1.69 billion riyals.