Great success of Saudi National Bank
Riyadh: Saudi National Bank (SNB) has earned an additional 20% profit in the first quarter.
According to a report by a foreign news agency, Saudi National Bank recorded a 20% increase in profit during the first quarter, with SNB earning a net profit of 3.41 billion riyals during the period.
The bank says profits are driven by lower costs, including total operating income and empire.
The SNB said total operating income also increased by 8.8 per cent this year as compared to last year, while total operating expenses, including deficits, declined by 8.9 per cent at the same time.
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The Saudi National Bank said the main reason for the decline in total operating costs, including shortcomings, was lower wages and staff costs.
Net impairment charges for expected credit losses in the first quarter fell 29% to 280 million riyals. Economists have welcomed the bank’s surplus.