Saudi National Bank Posts 3.91% Profit Growth in First Nine Months of 2024
Riyadh, Saudi Arabia – The Saudi National Bank (SNB) has reported a 3.91% year-on-year (YoY) increase in net profit, reaching SAR 15.63 billion during the first nine months of 2024, compared to SAR 15.04 billion in the same period last year, according to the bank’s interim financial statements.
Earnings per share (EPS) for the nine-month period climbed to SAR 2.53, up from SAR 2.42 in 2023, reflecting the bank’s steady profitability.
Key Financial Highlights (9M 2024):
- Client Deposits: Total deposits stood at SAR 634.19 billion as of 30 September 2024, a 1.50% rise from SAR 624.76 billion in the same period last year.
- Total Assets: The bank’s assets grew by 9.94%, reaching SAR 1.12 trillion, up from SAR 1.02 trillion recorded in 9M-23.
- Investments: Investments rose by 8.88%, hitting SAR 290.46 billion, compared to SAR 266.77 billion a year earlier.
Q3-2024 Performance:
SNB also reported strong performance in the third quarter of 2024, with net profits reaching SAR 5.36 billion, marking a 7.10% increase from SAR 5.01 billion in Q3-2023. On a quarterly basis, profits in Q3-2024 rose by 2.58% compared to SAR 5.23 billion in the second quarter of 2024.
The steady growth in assets, deposits, and profits underlines SNB’s robust financial position as it continues to navigate a challenging global economic landscape.