The financial statements of the National Bank of Saudi Arabia showed an increase in the bank's profits last year by 10.7%, on an annual basis, to reach 12.6 billion riyals.
The bank said in a statement to the Saudi market (Tadawul), today, Wednesday, that the increase in profits during the comparative years is mainly due to the increase in total operating income.
He explained that after the merger with Samba Financial Group as of April 1, 2021, the net income attributable to shareholders' equity increased by 10.7% due to the increase in total operating income.
But this growth was offset by an increase in operating expenses, including the provision for expected credit losses.
The net impairment allowance for expected credit losses during the past year amounted to 3.9 billion riyals, compared to 1.9 billion riyals for the same period in 2020, a significant increase of 101.3%.
