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The Saudi National Bank announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Income from Special Commissions/Financing & Investments | 11,930 | 8,174 | 45.95 | 11,117 | 7.31 |
| Net Income from Special Commissions/Financing & Investments | 6,524 | 6,824 | -4.4 | 6,778 | -3.75 |
| Total Operation Profit (Loss) | 8,497 | 8,345 | 1.82 | 8,731 | -2.68 |
| Net Profit (Loss) before Zakat and Income Tax | 5,795 | 5,303 | 9.28 | 5,794 | 0.02 |
| Net Profit (Loss) | 5,016 | 4,589 | 9.3 | 5,022 | -0.12 |
| Total Comprehensive Income | 3,760 | 187 | 1,910.69 | 2,994 | 25.58 |
| Total Provisions (Reversals) for Expected Credit and Other Losses, net | 76 | 592 | -87.16 | 493 | -84.58 |
| Total Operating Expenses Before Provisions for Credit and Other Losses | 2,609 | 2,547 | 2.43 | 2,441 | 6.88 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Gross Income from Special Commissions/Financing & Investments | 23,047 | 15,186 | 51.76 |
| Net Income from Special Commissions/Financing & Investments | 13,302 | 12,932 | 2.86 |
| Total Operation Profit (Loss) | 17,228 | 16,438 | 4.8 |
| Net Profit (Loss) before Zakat and Income Tax | 11,589 | 10,465 | 10.74 |
| Net Profit (Loss) | 10,037 | 9,091 | 10.4 |
| Total Comprehensive Income | 6,754 | 2,705 | 149.69 |
| Total Share Holders Equity (excluding Non-Controlling Interest) | 170,178 | 160,988 | 5.71 |
| Assets | 996,163 | 958,473 | 3.93 |
| Investments | 264,827 | 247,851 | 6.85 |
| Loans and Advances Portfolio (Financing & Investment) | 577,849 | 536,189 | 7.77 |
| Total Provisions (Reversals) for Expected Credit and Other Losses, net | 569 | 978 | -41.82 |
| Total Operating Expenses Before Provisions for Credit and Other Losses | 5,050 | 4,990 | 1.2 |
| Clients' deposits | 602,209 | 593,011 | 1.55 |
| Profit (Loss) per Share | 1.62 | 1.49 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | 9% growth in net income attributable to equity holders of the Bank to SAR 5 billion in Q2 2023 driven by higher operating income along with lower operating expenses, including net impairment charge for expected credit losses. Total operating income increased by 2% to SAR 8.5 billion, driven by an increase in fees from banking services, foreign exchange income, and investment income. Total operating expenses, including net impairment charge for expected credit losses for Q2 2023 decreased by 14% to SAR 2.7 billion from a decrease in net impairment charge for expected credit losses. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | Q2 2023 net income attributable to equity holders of the Bank is flat compared to Q1 2023. Total operating income decreased by 3% mainly due to higher special commission expense. Total operating expenses, including net impairment charge for expected credit losses for Q2 2023 decreased by 8% mainly from a decrease in net impairment charge for expected credit losses. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | 10.4% growth in net income attributable to equity holders of the Bank driven by higher operating income along with lower operating expenses, including net impairment charge for expected credit losses. Total operating income increased by 4.8% mainly from higher net special commission income, fees from banking services, foreign exchange income and investment income which is partially offset by higher other operating expenses. Total operating expenses, including net impairment charge for expected credit losses were lower by 5.9% mainly due to lower net impairment charge for expected credit losses. |
| Statement of the type of external auditor's report | Unmodified Conclusion |
| Reclassification of Comparison Items | Some numbers have been re-classified for comparative reasons. |
| Additional Information | Net impairment charge for expected credit losses reached to SAR 0.6 billion for the current period against SAR 1 billion in the similar period of the previous year with a decrease of 42%. EPS for the current and the previous year are calculated by dividing the net income attributable to common equity holders of the bank (adjusted for Tier 1 Sukuk cost) for the periods by the weighted average number of shares outstanding amounting to 5,950,156k (2022: 5,946,312k). The overall balance sheet expanded by 5% during the period comparing to the year ended December 2022. The main drivers were 6% growth in financing, resulted from a 5% growth in Retail, principally from 6% mortgages growth, and 8% growth in Wholesale financing, along with 3% growth in investments. Customers’ deposits rose by 6% during the period comparing 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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