Riyadh, Saudi Arabia — The Saudi National Bank (SNB) has announced a net profit of SAR 10.3 billion for the first half of 2024, reflecting a 2.3% increase over the same period in 2023. The results, part of SNB’s preliminary financial disclosure, underscore the bank’s continued stability and growth in a competitive financial environment.
Saudi National Bank Profit 2024 Driven by Operating Income
SNB’s total operating income for H1 2024 reached SAR 17.9 billion, marking a 3.6% increase year-on-year. This performance was supported by a 5.0% rise in net special commission income and an 8.7% growth in banking service fees, contributing to the solid earnings.
For the second quarter alone, SNB reported a net profit of SAR 5.2 billion, a 4.3% gain compared to Q2 2023.
SNB Financial Results Reflect Strong Asset and Lending Growth
Total assets stood at SAR 1.088 trillion as of the end of the reporting period, up 4.9% from December 2023. SNB’s financing portfolio expanded by 5.9%, driven by a 7.2% increase in mortgage financing. Individual financing rose by 4.1%, while corporate financing grew by 7.9%.
The bank’s investment portfolio also increased by 6.5%, reflecting ongoing diversification and risk management strategies.
Customer Deposits Rise in H1 2024 Performance
Total customer deposits reached SAR 633 billion, representing a 7.2% increase from December 2023. This uptick reflects growing customer confidence and the bank’s continued focus on liquidity and client service expansion.
The Saudi Standard’s View: Sustained Growth Reflects Banking Sector Confidence
The Saudi National Bank’s steady profit growth in the first half of 2024 signals more than just strong fundamentals. It reflects the resilience and maturity of Saudi Arabia’s financial sector amid broader global economic fluctuations.
SNB’s increase in mortgage financing and customer deposits suggests continued trust from both consumers and corporate clients. These numbers are also an indicator of effective policy alignment with Vision 2030, which emphasizes housing access, financial inclusion, and diversified investment.
As the Kingdom continues to develop its capital markets and fintech infrastructure, SNB’s performance positions it as a cornerstone institution in Saudi Arabia’s financial future. The bank’s trajectory shows that profitability and responsible lending can go hand in hand—setting a standard for others in the region.
