Saudi National Bank, the largest Saudi bank in terms of assets, achieved a 10% increase in its net income in the first half of 2023.
The lender's net profit climbed to 10.037 billion Saudi riyals, from 9.90 billion Saudi riyals achieved during the corresponding period last year.
The basic earnings per share for the current period amounted to 1.62 Saudi riyals per share, compared to 1.49 Saudi riyals per share in the same period of last year, according to a statement published on the Tadawul stock exchange.
In the second quarter of 2023, the bank's net income increased by 9% to reach 5.016 billion Saudi riyals, compared to 4.589 billion Saudi riyals in the same quarter last year.
Growth in net income attributable to equity holders for Q2 2023 was driven by higher operating income along with lower operating expenses, including net impairment charge for expected credit losses, the bank said in its statement.
Total operating income increased by 2% to 8.5 billion Saudi riyals, driven by an increase in fees from banking services, foreign exchange income, and investment income.