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  • 02-02-23

    Saudi National Bank 2022 net income rises 47 percent to USD4.96B

    (MENAFN) Saudi National Bank recorded a 46.7 percent surge in net revenue last year to SR18.6 billion (USD4.96 billion) from SR12.7 billion in the year before, triggered by peak functioning revenue and a decrease in supplies for estimated credit decreases.

    The nation’s largest bank, which in 2022 obtained a 9.88 percent share in the troubled Swiss investment institution Credit Suisse, also recorded a 61 percent rise in net income in the October-December period of this year to reach SR4.8 billion from SR2.96 billion throughout the same time span in the year before.

    The outcomes came higher than the average analyst forecast of SR18.2 billion, as shown by Refinitiv data.

    The bank stated in an announcement to the Saudi Share Exchange that overall functioning income expanded 16.9 percent to reach SR33 billion last year from SR28.23 billion in the year before.

    Its net special commission income climbed 18.4 percent to stand at SR26.29 billion during last year from SR22.21 billion in the year before.

    “Total operating income increased mainly due to higher net special commission income by 18.4 percent, fee income from banking services by 21.1 percent, and lower other operating expenses by 12.4 percent,” the bank stated in an announcement to Tadawul.

    MENAFN02022023000045014228ID1105513146

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