The financial statements of the National Bank of Saudi Arabia showed an increase in the bank’s profits in the third quarter of this year by 20% on an annual basis, to reach 5.41 billion riyals, compared to 4.51 billion riyals in the same period in 2021.
The National Bank of Saudi Arabia said in a statement to the Saudi market (Tadawul), today, Sunday, that the increase in profits during the comparison periods is mainly due to the increase in total operating income and the decrease in the net impairment provision for expected credit losses.
The Saudi National Bank stated in the statement that the total operating income increased by the end of the third quarter of this year by 7.3%, on an annual basis, as a result of the increase in net special commission income, the increase in income from banking services fees, the increase in income from foreign currency exchange, and the increase in investment income. Lower costs of other operations.
The total commission income of the National Bank of Saudi Arabia at the end of the third quarter of this year amounted to about 8.93 billion riyals, an increase of 27.4% on an annual basis, while the net special commission income of the bank at the end of the period increased by 5.6% on an annual basis, to reach 6.56 billion riyals.
The Saudi National Bank achieved profits of 13.82 billion riyals at the end of the first nine months of this year, compared to 9.71 billion riyals in the same period of the previous year, an increase in net profits by 42.4%.
