The Saudi National Bank achieved a net profit of 4.5 billion riyals by the end of the first quarter of this year 2022, an increase of about 32% compared to the same period last year, when the bank achieved profits of 3.4 billion riyals.
According to Arab Net, the bank explained in a statement on Saudi Arabia’s Tadawul today, Wednesday, that the reason for the increase in profits during the first quarter of 2022 compared to the same quarter of the year 2021 is due to an increase in total operating income by 41% as a result of an increase in net special commission income and income from banking services fees Foreign currency conversion income and a decrease in the expenses of other operations.
Also, the total operating expenses, including the net impairment allowance for expected credit losses, increased by 52%, due to the increase in salaries and employee expenses, rent and building expenses, depreciation/amortization of property, equipment, programs, right-of-use assets, amortization of intangible assets. , other general and administrative expenses, and the net provision for impairment for expected credit losses.
.The bank attributed the increase in profits during the first quarter of this year compared to the previous quarter to an increase in total operating income by 11% due to an increase in income from banking services fees, a rise in income from investments* and a decrease in other operating expenses.
He indicated a decrease in total operating expenses, including the net allowance for depreciation for expected credit losses by 13%, indicating that this was mainly due to a decrease in employee salaries and expenses, building rents and expenses, and other general and administrative expenses.
