National Bank of Saudi Arabia's profits grew 7.7% year-on-year in 2023 to reach 20 billion riyals ($5.3 billion), exceeding analysts' expectations of 19.4 billion riyals.
In a disclosure on the main Saudi stock market’s Tadawul website today, Monday, the bank attributed the reason for the growth in profits to the increase in special commission income by 45% as a result of the growth of the financing portfolio by 10.3%, and the growth of the investment portfolio by 4.2%, in addition to the rise in interest rates.
The bank said that total operating expenses, including credit losses, decreased by 1.7%, after a decrease in the net provision for expected credit losses by 45.3% in light of the increase in collections of corporate sector debts, and the re-evaluation of some low-value credit portfolios.
