Saudi National Bank reports SR10.3 billion net profit in first half of 2024

Saudi National Bank (SNB) announced a net profit increase to SR10.3 billion at the end of the first half of 2024, reflecting a 2.3% growth compared to the corresponding period in 2023.

On a quarterly basis, SNB’s net profit for the second quarter of 2024 rose by 4.3% to SR5.2 billion compared to the same quarter in 2023.

SNB attributed the increase in net profits during the first half of 2024 to a 3.6% rise in total operating income, reaching SR17.9 billion. This growth was driven primarily by a 5.0% increase in net special commission income and an 8.7% increase in fees from banking services.

Total assets grew by 4.9% to SR1,088 billion during the period compared to December 2023.

This growth was mainly due to a 5.9% increase in financing, driven by a 4.1% growth in retail, particularly a 7.2% increase in mortgages, and a 7.9% growth in wholesale financing.

Additionally, the investments portfolio grew by 6.5%, and total customer deposits rose by 7.2% to SR633 billion compared to the end of December 2023.