SNB’s first financials post-merger reflect stability, solid position: Chairman

Ammar Al Khudairy, Chairman of SNB

Saudi National Bank’s (SNB) first financial results after merger reflects the bank’s solid financial position, Board Chairman, Ammar Al Khudairy, said in a statement to Argaam. 

SNB started reaping the fruit of hat merger, backed by the strong operating efficiency and synergy between costs and revenues.  

The second-quarter figures affirm SNB’s stability, financial position and future ambitions, Al Khudairy added.

Elsewhere, Al Khudairy added that SNB completed the process of transferring the accounts of Samba Financial Group’s employees to the new entity. It also transferred 100% of the SpeedCash clients’ accounts to Quick Pay at SNB.  

Moreover, SNB completed the conversion of 53% of the comprehensive banking client accounts and has prepared all accounts of retail banking to convert them in the near term, Al Khudairy concluded. 

SNB reported a net profit of SAR 5.526 billion for the first half of 2021, a rise of 12% from SAR 4.922 billion in the year-ago period. It also reported a net profit of SAR 2.117 billion for Q2 2021, a 1.4% increase year-on-year (YoY).