The profits of the National Bank of Saudi Arabia increased by 98.14% after zakat and tax to about 4.59 billion riyals in the second quarter of 2022, compared to about 2.32 billion riyals, profits for the same quarter of 2021.
According to Arabiya Net, on a quarterly basis, the Saudi National Bank's net profit increased by 1.93%, compared to a net profit of about 4.5 billion riyals in the first quarter of 2022.
The bank said in a statement on Saudi Arabia’s Tadawul today, Wednesday, that the increase in net profits in the second quarter of 2022, on an annual basis, is due to the increase in net income attributable to shareholders’ equity by 98.1%, due to an increase in total operating income and a decrease in the net provision for expected credit losses. .
He added that it is also due to an increase in total operating income by 10.3%, as a result of an increase in net special commission income and an increase in income from banking services fees partially offset by a decrease in investment income.
He explained that the total operating expenses, including credit losses, decreased by 36.5%. This is due to the decrease in rents and building expenses, amortization of intangible assets, other general and administrative expenses, and the net provision for expected credit losses.
During the first half of this year, the net profit of the Saudi National Bank increased by 58.8% to about 9.09 billion riyals, after zakat and tax, compared to about 5.72 billion riyals in the same period of 2021.
