The Saudi National Bank earned 4.7 billion riyals in the third quarter, an increase of 18.7%

The net profit of the Saudi National Bank increased by 18.7% in the third quarter of 2022 to about 4.72 billion riyals, after zakat and taxes, compared to 3.98 billion riyals in the same quarter of 2021.

On a quarterly basis, the net profit of the Saudi National Bank increased by 2.96% in the third quarter of 2022, compared to profits of approximately 4.59 billion riyals in the second quarter of 2022.

The bank said today, Sunday, in a statement on “Tadawul Saudi Arabia” that the increase in the bank’s net profit in the third quarter of 2022, on an annual basis, is due to the increase in total operating income and a decrease in the net bad debt provision for expected credit losses .

Total operating income increased by 7.3% as a result of an increase in net special fees, an increase in banking service fees, an increase in foreign currency conversion income, an increase in investment income as well as a decrease in other expenses.

Total operating expenses, including credit losses, decreased by 11.5% due to lower personnel expenses, amortization of intangible assets, other general and administrative expenses and a net bad debt provision credit expectations.

During the first nine months of 2022, the net profit of the Saudi National Bank increased by 42.35% to about 13.81 billion riyals, after zakat and taxes, compared to about 9.7 billion riyals in the same period of the year. 2021.

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