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The Saudi National Bank announces its Annual Financial results for the Period Ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Total Income From Special Commission of Financing | 38,543 | 26,153 | 47.38 | ||
| Total Income From Special Commission of Investment | 11,314 | 8,240 | 37.3 | ||
| Net Income From Special Commission of Financing | 23,666 | 21,629 | 9.42 | ||
| Net Income From Special Commission of Investment | 3,343 | 4,658 | -28.23 | ||
| Total Operations Profit (Loss) | 34,589 | 33,005 | 4.8 | ||
| Net Profit (Loss) before Zakat and Income Tax | 22,773 | 21,277 | 7.03 | ||
| Net profit (Loss) | 20,010 | 18,581 | 7.69 | ||
| Total Comprehensive Income | 17,526 | 9,392 | 86.61 | ||
| Assets | 1,037,081 | 945,496 | 9.69 | ||
| Investments | 269,129 | 258,292 | 4.2 | ||
| Loans And Advances Portfolio (Financing And Investment) | 601,527 | 545,311 | 10.31 | ||
| Clients' deposits | 590,051 | 568,283 | 3.83 | ||
| Total Shareholder’s Equity (After Deducting The Minority’s Rights) | 175,905 | 165,973 | 5.98 | ||
| Total Operating Expenses Before Provisions for Credit and Other Losses | 10,357 | 9,785 | 5.84 | ||
| Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net | 923 | 1,685 | -45.22 | ||
| Profit (Loss) per Share | 3.23 | 3.03 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the special commission income during the current year compared to the last year is | Increase in special commission income by 45.0% due to 10.3% increase in financing portfolio coupled with 4.2% investments portfolio growth along with an increase in benchmark rate. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net income attributable to equity holders' of the bank increased by 7.7% driven by higher total operating income and lower net impairment charge for expected credit losses. Total operating income increased by 4.8% mainly due to higher net special commission income by 2.7%, fee income from banking services by 5.1%, higher exchange income by 23.1%, and higher investment income by 22.0%, these were partially offset by higher other operating expenses by 21.9%. Additionally, total operating expenses including credit impairments were lower by 1.7% mainly due to lower net impairment charge for expected credit losses by 45.3%. |
| The reason of the increase (decrease) in the total net provision of expected credit losses and other losses (reversing entry) during the current year compared to the last year is | Net credit losses decreased by 45.3% mainly due to higher corporate recoveries in addition to reassessment of certain purchased or originated credit impaired portfolios. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N.A. |
| Reclassification of Comparison Items | Some numbers have been re-classified for comparative reasons. |
| Additional Information | EPS for the current and previous year is calculated by dividing the net income attributable to common equity holders of the bank (adjusted for Tier 1 Sukuk costs) for the periods by the weighted average number of shares outstanding 5,947,986K (2022: 5,946,592K). Total assets expanded by 9.7% during the year compared to the year ended December 2022. The main drivers were 10.3% growth in financing, resulted from 9.2% growth in Retail, principally from 13.2% mortgages growth and 12.9% growth in wholesale financing. This was coupled with 4.2% growth in investments. Customers’ deposits rose by 3.8% during the year compared to the year ended December 2022. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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