off-the-wire

Saudi National Bank FY profit jumps nearly 47% on higher income

Kitco Media
By Reuters
Published:
Updated:
Reuters

DUBAI, Feb 1 (Reuters) - Saudi National Bank (1180.SE), the kingdom's biggest bank, reported an almost 47% jump in 2022 net profit on Wednesday, boosted by higher operating income and lower impairments.

The bank, which last year acquired a 9.88% stake in Credit Suisse Group (CSGN.S), made a net profit of 18.58 billion riyals ($4.95 billion), up 46.7% from the previous year.

That beat median analyst estimates of 18.2 billion riyals, according to Refinitiv data.

The bank made a net profit of 4.76 billion riyals in the fourth quarter, according to Reuters calculations. That was slightly above analyst estimates of 4.68 billion riyals, Refinitiv data showed.

Operating income grew 16.9% in 2022, the bank said in a filing to the Tadawul exchange, while net impairment charges for expected credit losses decreased 57.5% to 1.69 billion riyals. Fee income from banking services grew 21.1%.

($1 = 3.7528 riyals)

Reporting by Rachna Uppal; Editing by Subhranshu Sahu
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