Saudi National Bank’s profit grew by almost 6% to $5.7 billion for the year, thanks to higher operating income

Saudi National Bank’s profit grew by almost 6% to $5.7 billion for the year, thanks to higher operating income

Saudi National Bank (SNB) announced on Wednesday that its net profit for 2024 increased by 5.9% compared to the previous year, reaching $5.7 billion (SAR 21.2 billion). This growth was driven by a rise in its total operating income.

Full-Year Performance

The bank saw a 4.2% increase in its operating profit, reaching $9.6 billion (SAR 36 billion) last year, as reported to the Saudi Exchange (Tadawul). This growth was mainly due to a 2.7% rise in net special commission income, as well as increases of 17.2% in net fee income from banking services and 11.9% in investment income.

The bank’s total comprehensive income for 2024 also grew by 20.3%, rising from $4.7 billion (SAR 17.5 billion) to $5.6 billion (SAR 21.1 billion). Income from special commissions increased by 16.3%, reaching $12 billion (SAR 44.8 billion), and income from investment special commissions grew by 14.9%, reaching $3.5 billion (SAR 13 billion).

The bank’s loans and advances grew by 8.8%, reaching $174.4 billion (SAR 654.3 billion), and investments rose by 8.7%, reaching $78 billion (SAR 292.5 billion). Its net profit before Zakat and income tax rose by 3.7%, reaching $6.3 billion (SAR 23.6 billion) compared to the previous year.

Client deposits fell by 1.7% to $154.6 billion (SAR 579.8 billion) in 2024.

Share Price

SNB’s share price rose by 2.6%, reaching $9.1 (SAR 34.15) at 12:28 pm AST on Wednesday.

Share Buyback Plan

Earlier this month, SNB announced that its board recommended buying back up to 16 million shares to give to employees through its Key Employees Equity Program. The cost of these shares will be covered by the bank’s own resources, and they will be held as Treasury Shares for the program.

Sukuk Offering

In November 2024, SNB completed a $1.6 billion (SAR 6 billion) Sukuk offering, with a 6% annual return from the issue date until November 21, 2029.

Earlier in February, SNB sold $850 million worth of five-year US dollar-denominated sustainable sukuk, with 4,250 bonds sold as part of its international sukuk program.

Published: 30th January 2025

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