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The Saudi National Bank announces its Interim Financial Results for the Period Ending on 2023-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Gross Income from Special Commissions/Financing & Investments | 11,117 | 7,012 | 58.54 | 10,315 | 7.78 |
| Net Income from Special Commissions/Financing & Investments | 6,778 | 6,108 | 10.97 | 6,840 | -0.91 |
| Total Operation Profit (Loss) | 8,731 | 8,093 | 7.88 | 8,118 | 7.55 |
| Net Profit (Loss) before Zakat and Income Tax | 5,794 | 5,161 | 12.27 | 5,405 | 7.2 |
| Net Profit (Loss) | 5,022 | 4,502 | 11.55 | 4,765 | 5.39 |
| Total Comprehensive Income | 2,994 | 2,518 | 18.9 | 3,569 | -16.11 |
| Total Provisions (Reversals) for Expected Credit and Other Losses, net | 493 | 386 | 27.72 | 166 | 196.99 |
| Total Operating Expenses Before Provisions for Credit and Other Losses | 2,441 | 2,443 | -0.08 | 2,363 | 3.3 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (excluding Non-Controlling Interest) | 170,151 | 164,573 | 3.39 |
| Assets | 976,053 | 921,565 | 5.91 |
| Investments | 263,636 | 243,981 | 8.05 |
| Loans and Advances Portfolio (Financing & Investment) | 566,337 | 514,635 | 10.05 |
| Total Provisions (Reversals) for Expected Credit and Other Losses, net | 493 | 386 | 27.72 |
| Total Operating Expenses Before Provisions for Credit and Other Losses | 2,441 | 2,443 | -0.08 |
| Clients' deposits | 610,791 | 606,723 | 0.67 |
| Profit (Loss) per Share | 1.08 | 0.98 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| 0 | 0 | 0 | |
| 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 | 12% growth in net income attributable to equity holders to SAR 5 billion in 1Q 2023 driven by higher operating income. Total operating income improved by 8% to SAR 8.7 billion, driven by an increase in Net Income from Special Commissions/Financing & Investments driven by margin and balance sheet expansion. Total operating expenses before provisions for credit and other losses were stable. Hence, cost-to-income ratio improved year-on-year. Net impairment charge for expected credit losses reached SAR 493Mn for the current period against SAR 386Mn in the similar period of the previous year with an increase of 28%. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | 5% growth in net income attributable to equity holders to SAR 5 billion in 1Q 2023 driven by higher operating income. Total operating income improved by 8% to SAR 8.7 billion, driven by an increase in fees, exchange income and gain from FVIS and non FVIS investments. Total operating expenses before provisions for credit and other losses increased by 3% to SAR 2.4 billion, driven by the increase in salaries and employee related expenses as well as rent and premises related expenses. Net impairment charge for expected credit losses reached to SAR 493 million for the current quarter against SAR 166 million in the previous quarter with an increase of 196%. |
| 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 | 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 costs) for the periods by the weighted average number of shares outstanding 4,440,891k (2022: 4,437,948k). The overall balance sheet expanded by 3% compared to 31 December 2022. The main driver was 4% growth in financing, 3% growth in retail principally from 4% mortgages growth, and 4% wholesale financing growth. Customers’ deposits rose 8% in the first quarter. SNB has also maintained healthy capitalization levels and a strong liquidity position. The percentage decrease in the bank’s investment in Credit Suisse SNB’s investment in Credit Suisse was SAR 5.5 bn (through a share placement on 24 November 2022 and a rights issue on 8 December 2022). At 31 December 2022, SNB’s investment in Credit Suisse had declined by approximately 20%. During the three months period ended 31 March 2023, SNB’s investment in Credit Suisse had further declined by approximately 70%. Impact of SNB’s investment in Credit Suisse on its Q1 2023 financial results The financial impact on SNB’s balance sheet was a decline in the Credit Suisse investment carrying value by approximately 70% during the first quarter of 2023 (the carrying value of the Credit Suisse investment as at 31 March 2023 was SAR 1.3 bn). The financial impact on SNB’s equity was a decline in equity by SAR 3.1 bn during the first quarter of 2023. There was no income statement impact as SNB had made an irrevocable election, as permitted by the accounting standards, to present subsequent changes in the fair value of the Credit Suisse investment through other comprehensive income. Impact on SNB’s investment in Credit Suisse from the merger with UBS SNB’s shareholding in Credit Suisse of 9.88% will convert into a shareholding in UBS of approximately 0.5% upon completion of the merger. |
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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