Dubai: Saudi National Bank, the kingdom’s biggest lender, said on Sunday its net profit in the third quarter rose 18.7 per cent from the same period year before on higher operating income and lower net impairments for expected credit losses.
SNB posted net profit of SR4.725 billion ($1.26 billion) in the quarter, up from SR3.98 billion a year earlier. That was below the EFG Hermes estimate of SR5.25 billion.
Operating income was SR8.45 billion, up 7.3 per cent from SR7.88 billion a year earlier.
Net impairment charges for expected credit losses were SR1.52 billion, less than half the SR3.43 billion a year prior.
“Total operating expenses including impairments were lower by 11.5 per cent mainly due to lower staff expenses, amortisation of intangible assets, other general and administrative expenses, and net impairment charge for expected credit losses,” SNB said.
Earnings per share rose to SR3.02 from SR2.35.