The National Bank of Saudi Arabia achieved an increase in annual profits by 47%, after it recorded profits of 18.6 billion riyals by the end of 2022, compared to profits of 12.7 billion riyals in 2021.
In a statement on the Tadawul website, the bank attributed the reason for the increase in profits to an increase in total operating income and a decrease in the net provision for expected credit losses.
The total operating income of the National Bank of Saudi Arabia increased by 16.9% due to an increase in net special commission income by 18.4%, an increase in income from fees from banking services by 21.1%, and a decrease in other operating expenses by 12.4%.
Total operating expenses, including credit losses, decreased by 15.2%, due to a decrease in other general and administrative expenses by 13.5%, and a decrease in net provision for expected credit losses by 57.4%.
The net impairment provision for expected credit losses during the past year at the National Bank of Saudi Arabia amounted to 1.69 billion riyals, compared to 3.96 billion riyals for the year 2021, a decrease of 57.4%.
The National Bank of Saudi Arabia said that shareholders’ equity (after excluding minority rights and deducting sukuk) at the end of the period amounted to 150.486 billion riyals, compared to 150.010 billion riyals as at the end of the corresponding period of the year 2021.
