Riyadh, August 5, 2024 – The Saudi National Bank (SNB) announced its preliminary financial results for the first half of 2024, achieving a net profit of SAR 10.3 billion, a 2.3% increase compared to the same period in 2023. The bank also reported a quarterly net profit increase of 4.3% for Q2 2024, reaching SAR 5.2 billion compared to Q2 2023.
SNB attributed the rise in net profit for H1 to a 3.6% increase in total operating income, which reached SAR 17.9 billion. This growth was driven by a 5.0% increase in net special commission income and an 8.7% rise in banking service fees.
The bank’s total assets grew by 4.9% to SAR 1.088 trillion compared to the year ended December 2023. This increase was due to a 5.9% rise in the financing portfolio, with individual financing up by 4.1%, mainly from a 7.2% increase in mortgage financing. Corporate financing also rose by 7.9%, along with a 6.5% increase in the investment portfolio. Additionally, total customer deposits increased by 7.2% to SAR 633 billion during the period, compared to December 2023.
