Saudi National Bank (SNB) Reports Strong Financial Performance in First Half of 2024
RIYADH — In a remarkable display of financial prowess, the Saudi National Bank (SNB) announced a significant net profit increase to SR10.3 billion at the close of the first half of 2024, showcasing a remarkable 2.3% growth when compared to the same period in 2023.
For the second quarter of 2024, SNB’s net profit surged by an impressive 4.3% to SR5.2 billion, outshining its performance in the corresponding quarter of 2023.
The rise in net profits during the first half of 2024 can be attributed to a notable 3.6% increase in total operating income, which reached an impressive SR17.9 billion. This surge was primarily fueled by a remarkable 5.0% increase in net special commission income and a substantial 8.7% rise in fees from banking services.
Furthermore, total assets witnessed a significant growth of 4.9%, reaching SR1,088 billion during the period as compared to December 2023.
This surge in total assets was predominantly driven by a 5.9% increase in financing, with a notable 4.1% growth in retail financing, particularly a striking 7.2% increase in mortgages, and an impressive 7.9% surge in wholesale financing.
Moreover, the investments portfolio saw a healthy growth of 6.5%, while total customer deposits soared by an impressive 7.2% to SR633 billion compared to the end of December 2023. — Agencies
