Saudi National Bank profits jump 20%

DUBAI: Saudi National Bank reported a 20 percent rise in first quarter net profit to SR3.41 billion ($907.6 million) compared to a year earlier.
The bank said profits were driven by stronger total operating income and lower expenses including impairments.
Total operating income gained 8.8 percent from a year earlier, it said. At the same time, total operating expenses including impairments fell 8.9 percent mainly due to lower salaries and employee-related expenses.
Overall net impairment charges for expected credit losses fell by 29 percent to SR280 million.
Saudi National Bank (SNB) officially came into being in March with the formal approval by shareholders of the merger between National Commercial Bank (NCB) and Samba Financial Group (Samba).
The new lender was heralded as the national champion of the Kingdom’s banking industry –tasked not only with delivering shareholder value but also financing economic development, supporting Vision 2030 projects, and facilitating trade and capital flows with the region and the rest of the world.