The Saudi National Bank Reports Net Income Increase by 46.67% to SAR 18,581 Billion for the year 2022
The Saudi National Bank announced a net income after Zakat and income tax of SAR 18,581 million by the end of 2022, representing an increase of 46.67% compared to SAR 12,668 million in 2021. This followed the announcement of the annual financial results for the period ending on 31-12-2022.
The Bank explained in a statement on "Tadawul" that the reason for the income increase during 2022 compared to 2021 is due to a total operating income increased by 16.9% mainly due to higher net special commission income by 18.4%, fees income from banking services by 21.1%, and lower other operating expenses by 12.4%. Total operating expenses including impairments were lower by 15.2% mainly due to lower other general and administrative expenses by 13.5% and lower net impairment charge for expected credit losses by 57.4%.
The net income attributable to equity holders increased by 46.7% driven by higher total operating income and lower net impairment charge for expected credit losses.
The Bank attributed the 46.7% increase in net income of the last year compared to the 2021, to higher total operating income and a decrease in total operating expenses, including net impairment charge for expected credit losses. Total operating income increased by 16.9% due to an increase in net special commission income by 18.4%, increase in fees from banking services by 21.1%, and a decrease in other operating expenses by 12.4%
Total operating expenses including net impairment charge for expected credit losses were lower by 15.2% mainly due to decrease in other general and administrative expenses and net impairment charge for expected credit losses.
During the past year, the Bank's assets rose to SAR 945 billion by 3.43% increase, and the earnings per share (EPS) during the current period reached SAR 4.06 compared to SAR 2.99 compared to 2021.
Net impairment charge for expected credit losses reached to SAR 1.69 billion in the current year against SAR 3.96 billion in previous year with a decrease of 57.4%. Earnings per share (EPS) for the current and the previous year are calculated by dividing the net income attributable to common equity holders of the bank (adjusted for Tier 1 Sukuk costs) for the periods by the weighted average number of shares outstanding 4,438,140k (2021: 4,075,058k).
