Saudi Arabia: The Saudi National Bank reported a 46.7 percent surge in annual profits in 2022 on the back of a rise in operating income.  

Annual net profits of SNB reached SR18.6 billion ($5 billion) at the end of last year compared to SR12.7 billion in 2021, according to a bourse statement.  

It indicated that the bank saw a 16.9 percent increase in operating profit in 2022 compared to the year before.  

Operating income yielded profit as a result of an 18.4 percent increase in net special commission income, and a 21.1 percent increase in money from banking service fees.  

Additionally, other operating expenses fell by 12.4 percent, and the total operating expenses – including credit losses – fell by 15.2 percent in 2022.  

This was driven by a 13.5 percent drop in other general and administrative expenses, as well as a 57.4 percent drop in the net provision for expected credit losses. 

In 2022, the SNB’s assets reached SR945 billion showing a 3.4 increase, revealed the bourse statement.  

The bank’s earnings per share amounted to SR4.06 last year compared to SR2.99 the year before.