DUBAI: Saudi National Bank (SNB), the largest lender in the Kingdom by assets, reported a 5.9 per cent increase in net profit driven by higher operating income.
Net profit attributable to shareholders stood at $5.65 billion (approximately 21.2 billion Saudi riyals) for the 12 months ending December 31, 2024, compared with the previous year’s figures.
SNB attributed the rise in earnings to strong growth in core banking operations, including higher net interest income and increased fee-based income from loans, trade finance, and wealth management services.
SNB’s total operating income saw a notable uptick, reflecting a robust lending environment, higher transaction volumes, and prudent cost management. The bank also benefited from higher interest rates, which supported its net interest margin.
SNB has maintained healthy asset quality, with non-performing loan (NPL) ratios staying within comfortable levels. Meanwhile, loan growth remained steady, driven by demand from corporate and retail borrowers.
Saudi National Bank, which plays a pivotal role in Saudi Arabia’s financial sector, has continued expanding its footprint domestically and regionally. With the Kingdom’s Vision 2030 reforms driving economic diversification, SNB is expected to benefit from increased investment in key sectors such as infrastructure, tourism, and technology.
Looking ahead, the bank remains cautiously optimistic, citing global economic conditions, oil price movements, and monetary policy decisions as key factors influencing its future performance.
