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  • 07-08-21

    Saudi National Bank net profits increase by 1.4 percent

    (MENAFN) In the second three months from a year ago, Saudi National Bank witnessed its net profits rose by 1.4 percent missing analyst expectations in its first quarterly earnings report since its formation through the merger of National Commercial Bank and Samba Financial Group in April.

    the company further declared that Saudi Arabia’s biggest retail lender, also called Al Ahli, isued a second-quarter net profit after zakat and income tax of SR2.12 billion (USD565 million), in comparison with the Bloomberg analyst consensus of SR4.1 billion. Alrajhi Bank’s second-quarter net profit stood at 3.61 billion riyals, with an improvement of 47 percent from a year ago.

    Arab News quoted Mohammed Ramady, an independent Saudi economist as saying that “The merger took place in April, which is only 3 months ago, so although the result is somewhat supportive, one has to realize that the full energy and cost savings and the synergy between the banks following the merger take time to be realized, given the different management cultures of the two organizations.”

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