Profits of the National Bank of Saudi Arabia, which is the largest bank listed in the Saudi market in terms of assets, increased in the second quarter by 9.3 percent to 5.02 billion riyals (about $1.34 billion), compared to profits of 4.6 billion riyals it had recorded in the same quarter of the previous year.
The bank said in a statement on the Saudi stock market website, Tadawul, that the reason for the increase in net profit during the current quarter compared to the same quarter of the previous year is due to:
- Net income attributable to shareholders’ equity for the second quarter of 2023 increased to 5 billion riyals, by 9% due to the increase in total operating income, in addition to the decrease in total operating expenses, including the net provision for expected credit losses.
- Total operating income increased to 8.5 billion riyals, by 2 percent, as a result of an increase in banking services fees and income from foreign currency exchange, in addition to income from investments.
- Also, the total operating expenses, including the net provision for expected credit losses for the second quarter of 2023, decreased by 14% to 2.7 billion riyals, due to the decrease in the net provision for expected credit losses.
