RIYADH: Saudi National Bank, the Kingdom’s largest lender, has seen its profit surge to SR9 billion ($2.4 billion) during the first half of 2022, buoyed by higher operating income.
The bank’s profit leaped 59 percent from SR5.7 billion in the corresponding period last year, a bourse filing showed.
This came as total operating profit surged 24 percent to SR16.4 billion from SR13.3 billion during the same period a year ago.
SNB also attributed the strong figures to a drop in expenses of 12.5 percent, mainly due to lower impairment charges for credit losses.
Shares of the Saudi-listed bank last closed 1.02 percent higher at SR69.4 in the previous trading session.