SNB profit slightly up to SAR 5.04B in Q1 2024

SNB profit slightly up to SAR 5.04B in Q1 2024

29/04/2024 Argaam Exclusive

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Saudi National Bank (SNB) posted a slight increase in Q1 2024 net profit to SAR 5.04 billion, compared to SAR 5.02 billion in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Net Special Commission Income 6,780.66 6,911.33 1.9 %
Operating Income 8,733.59 8,939.42 2.4 %
Debt Provisions (492.78) (654.56) (32.8 %)
Net Income 5,021.54 5,039.61 0.4 %
Average Shares 6,000.00 6,000.00 -
EPS (Riyals) 0.84 0.84 0.4 %
EPS Diluted (Riyal) 0.81 0.82 1.7 %

The higher profit was driven by a 21.9% rise year-on-year (YoY) in special commission income due to an increase in financing and investment portfolios coupled with higher benchmark rate.

 

Meanwhile, operating revenue grew by 2.4% YoY along with an increase in net other non-operating income/expenses. This was partially offset by a 32.8% rise in operating expenses including net impairment charge for expected credit losses.

Balance Sheet (B)

Item 3m 2023 3m 2024 Change‬
Assets 976.06 1,072.14 9.8 %
Customer Deposits 610.79 656.26 7.4 %
Loan 566.34 625.20 10.4 %

Compared to Q4 2023, the bank’s net profit grew 1.5% from SAR 4.96 billion due to higher operating revenue by 3.7% along with an increase in net other non-operating income/expenses.

 

Shareholders’ equity, after minority interest and sukuk, increased to SAR 164.07 billion as of March 31, 2024, from SAR 152.80 billion a year earlier.

 

View More Financial Results

 


Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change Net Income Change EPS(Riyal)
Q1 2015 3,033.56 12.0 % 4,447.54 15.1 % (218.33) (6.2 %) 2,605.57 2.8 % 0.65
Q2 2015 3,122.72 9.8 % 4,282.93 1.6 % (278.85) (403.9 %) 2,362.92 (2.6 %) 0.59
Q3 2015 3,255.60 16.7 % 4,312.86 4.8 % (713.13) (77.9 %) 1,994.14 6.7 % 0.50
Q4 2015 3,169.96 3.5 % 4,442.37 9.6 % (390.05) 18.9 % 2,126.56 16.5 % 0.53
Q1 2016 3,435.82 13.3 % 4,723.97 6.2 % (346.63) (58.8 %) 2,630.81 1.0 % 0.65
Q2 2016 3,348.18 7.2 % 4,660.25 8.8 % (381.30) (36.7 %) 2,437.54 3.2 % 0.61
Q3 2016 3,441.72 5.7 % 4,662.80 8.1 % (839.11) (17.7 %) 1,961.78 (1.6 %) 0.49
Q4 2016 3,323.86 4.9 % 4,600.36 3.6 % (363.93) 6.7 % 2,286.72 7.5 % 0.57
Q1 2017 3,359.46 (2.2 %) 4,859.82 2.9 % (421.98) (21.7 %) 2,702.56 2.7 % 0.67
Q2 2017 3,472.91 3.7 % 4,478.34 (3.9 %) (477.71) (25.3 %) 2,417.42 (0.8 %) 0.60
Q3 2017 3,453.44 0.3 % 4,491.53 (3.7 %) (707.21) 15.7 % 2,125.61 8.4 % 0.53
Q4 2017 3,375.17 1.5 % 4,515.54 (1.8 %) (285.96) 21.4 % 2,556.39 11.8 % 0.64
Q1 2018 3,418.57 1.8 % 4,779.24 (1.7 %) 2.34 100.6 % 2,592.19 (4.1 %) 0.64
Q2 2018 3,573.43 2.9 % 4,660.55 4.1 % (335.31) 29.8 % 2,166.35 (10.4 %) 0.54
Q3 2018 3,637.42 5.3 % 4,731.60 5.3 % (610.35) 13.7 % 2,120.36 (0.2 %) 0.53
Q4 2018 4,493.72 33.1 % 4,755.83 5.3 % (403.75) (41.2 %) 2,705.58 5.8 % 0.67
Q1 2019 3,754.08 9.8 % 4,950.81 3.6 % (145.33) (6323.9 %) 2,775.54 7.1 % 0.69
Q2 2019 3,907.43 9.3 % 5,050.41 8.4 % (324.74) 3.2 % 2,685.59 24.0 % 0.67
Q3 2019 3,872.62 6.5 % 4,996.53 5.6 % (662.64) (8.6 %) 2,550.70 20.3 % 0.63
Q4 2019 4,848.32 7.9 % 5,576.93 17.3 % (287.23) 28.9 % 3,389.61 25.3 % 0.84
Q1 2020 4,157.22 10.7 % 5,305.26 7.2 % (396.09) (172.6 %) 2,834.20 2.1 % 0.71
Q2 2020 3,957.52 1.3 % 4,765.75 (5.6 %) (827.95) (155.0 %) 2,087.73 (22.3 %) 0.52
Q3 2020 4,197.76 8.4 % 5,637.61 12.8 % (378.85) 42.8 % 3,158.40 23.8 % 0.79
Q4 2020 4,372.15 (9.8 %) 5,749.32 3.1 % (348.00) (21.2 %) 3,359.77 (0.9 %) 0.84
Q1 2021 4,178.08 0.5 % 5,719.31 7.8 % (286.37) 27.7 % 3,408.47 20.3 % 0.62
Q2 2021 5,888.35 48.8 % 7,587.82 59.2 % (2,414.67) (191.6 %) 2,315.88 10.9 % 0.42
Q3 2021 6,205.90 47.8 % 7,874.43 39.7 % (732.08) (93.2 %) 3,980.27 26.0 % 0.72
Q4 2021 5,935.26 35.8 % 7,054.16 22.7 % (527.75) (51.7 %) 2,963.56 (11.8 %) 0.54
Q1 2022 6,108.44 46.2 % 8,092.89 41.5 % (386.25) (34.9 %) 4,501.58 32.1 % 0.75
Q2 2022 6,823.91 15.9 % 8,345.18 10.0 % (592.20) 75.5 % 4,589.12 98.2 % 0.76
Q3 2022 6,577.80 6.0 % 8,447.82 7.3 % (540.55) 26.2 % 4,724.56 18.7 % 0.79
Q4 2022 6,777.04 14.2 % 8,118.66 15.1 % (166.50) 68.5 % 4,765.43 60.8 % 0.79
Q1 2023 6,780.66 11.0 % 8,733.59 7.9 % (492.78) (27.6 %) 5,021.54 11.6 % 0.84
Q2 2023 6,524.20 (4.4 %) 8,496.93 1.8 % (76.08) 87.2 % 5,015.56 9.3 % 0.84
Q3 2023 6,819.71 3.7 % 8,736.77 3.4 % 77.04 114.3 % 5,009.62 6.0 % 0.83
Q4 2023 6,887.12 1.6 % 8,624.68 6.2 % (430.93) (158.8 %) 4,963.24 4.2 % 0.83
Q1 2024 6,911.33 1.9 % 8,939.42 2.4 % (654.56) (32.8 %) 5,039.61 0.4 % 0.84

Profitability

Period Return On Average Assets Return on Average Equity Net Interest Income/Total Operating Income
Q1 2015 2.01 % 19.45 % 69.69 %
Q2 2015 1.93 % 18.71 % 71.07 %
Q3 2015 1.92 % 19.01 % 72.96 %
Q4 2015 2.06 % 19.41 % 71.96 %
Q1 2016 2.02 % 18.46 % 73.10 %
Q2 2016 2.01 % 18.39 % 72.82 %
Q3 2016 2.00 % 18.35 % 72.45 %
Q4 2016 2.09 % 18.36 % 72.66 %
Q1 2017 2.08 % 17.67 % 71.73 %
Q2 2017 2.07 % 17.88 % 73.10 %
Q3 2017 2.15 % 17.92 % 73.84 %
Q4 2017 2.21 % 17.97 % 74.47 %
Q1 2018 2.18 % 17.36 % 75.12 %
Q2 2018 2.08 % 17.18 % 74.92 %
Q3 2018 2.08 % 17.16 % 74.94 %
Q4 2018 2.14 % 16.85 % 79.90 %
Q1 2019 2.16 % 16.78 % 80.94 %
Q2 2019 2.21 % 17.70 % 81.04 %
Q3 2019 2.24 % 18.75 % 81.14 %
Q4 2019 2.38 % 19.13 % 79.62 %
Q1 2020 2.29 % 19.68 % 80.20 %
Q2 2020 2.10 % 17.85 % 81.55 %
Q3 2020 2.14 % 18.49 % 80.62 %
Q4 2020 2.07 % 17.51 % 77.76 %
Q1 2021 2.12 % 18.77 % 76.38 %
Q2 2021 1.68 % 11.66 % 75.47 %
Q3 2021 1.76 % 12.26 % 76.66 %
Q4 2021 1.67 % 11.56 % 78.65 %
Q1 2022 1.81 % 12.31 % 78.86 %
Q2 2022 1.73 % 10.82 % 79.94 %
Q3 2022 1.80 % 11.38 % 79.67 %
Q4 2022 2.00 % 12.37 % 79.65 %
Q1 2023 2.01 % 12.48 % 80.13 %
Q2 2023 2.00 % 12.86 % 78.88 %
Q3 2023 1.99 % 13.20 % 78.92 %
Q4 2023 2.02 % 12.86 % 78.09 %
Q1 2024 1.96 % 12.58 % 78.00 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
Q1 2015 449.80 7.0 % 342.85 2.9 % 227.13 15.1 %
Q2 2015 461.41 5.9 % 360.98 4.5 % 234.28 13.6 %
Q3 2015 476.83 8.9 % 367.37 6.8 % 238.60 11.7 %
Q4 2015 448.64 3.2 % 323.87 (2.8 %) 252.94 14.6 %
Q1 2016 452.00 0.5 % 326.03 (4.9 %) 265.34 16.8 %
Q2 2016 452.61 (1.9 %) 314.71 (12.8 %) 264.77 13.0 %
Q3 2016 438.76 (8.0 %) 311.23 (15.3 %) 259.92 8.9 %
Q4 2016 442.66 (1.3 %) 315.62 (2.5 %) 253.59 0.3 %
Q1 2017 449.00 (0.7 %) 313.65 (3.8 %) 254.20 (4.2 %)
Q2 2017 450.49 (0.5 %) 314.69 0.0 % 256.90 (3.0 %)
Q3 2017 446.19 1.7 % 302.59 (2.8 %) 256.85 (1.2 %)
Q4 2017 444.79 0.5 % 308.94 (2.1 %) 249.23 (1.7 %)
Q1 2018 438.90 (2.2 %) 309.00 (1.5 %) 252.78 (0.6 %)
Q2 2018 455.73 1.2 % 317.65 0.9 % 266.04 3.6 %
Q3 2018 460.83 3.3 % 325.46 7.6 % 268.25 4.4 %
Q4 2018 452.18 1.7 % 318.70 3.2 % 265.06 6.4 %
Q1 2019 464.91 5.9 % 309.68 0.2 % 267.22 5.7 %
Q2 2019 476.59 4.6 % 327.44 3.1 % 274.83 3.3 %
Q3 2019 496.59 7.8 % 340.38 4.6 % 279.07 4.0 %
Q4 2019 506.82 12.1 % 353.39 10.9 % 281.84 6.3 %
Q1 2020 534.56 15.0 % 375.05 21.1 % 304.77 14.1 %
Q2 2020 556.86 16.8 % 380.40 16.2 % 315.84 14.9 %
Q3 2020 576.63 16.1 % 408.47 20.0 % 336.41 20.5 %
Q4 2020 599.44 18.3 % 416.42 17.8 % 346.71 23.0 %
Q1 2021 599.57 12.2 % 419.43 11.8 % 356.72 17.0 %
Q2 2021 897.36 61.1 % 588.13 54.6 % 501.80 58.9 %
Q3 2021 903.85 56.7 % 589.19 44.2 % 502.48 49.4 %
Q4 2021 914.15 52.5 % 588.57 41.3 % 497.57 43.5 %
Q1 2022 921.56 53.7 % 606.72 44.7 % 514.63 44.3 %
Q2 2022 958.47 6.8 % 593.01 0.8 % 536.19 6.9 %
Q3 2022 964.42 6.7 % 596.89 1.3 % 536.18 6.7 %
Q4 2022 945.50 3.4 % 568.28 (3.4 %) 545.31 9.6 %
Q1 2023 976.06 5.9 % 610.79 0.7 % 566.34 10.0 %
Q2 2023 996.16 3.9 % 602.21 1.6 % 577.85 7.8 %
Q3 2023 1,027.13 6.5 % 624.77 4.7 % 595.72 11.1 %
Q4 2023 1,037.08 9.7 % 590.05 3.8 % 601.53 10.3 %
Q1 2024 1,072.14 9.8 % 656.26 7.4 % 625.20 10.4 %

Ratios

Period Customer Deposits Per Total Assets Loans and advances/Total assets Loans and advances/Customers Deposits
Q1 2015 76.22 % 50.49 % 66.25 %
Q2 2015 78.23 % 50.78 % 64.90 %
Q3 2015 77.04 % 50.04 % 64.95 %
Q4 2015 72.19 % 56.38 % 78.10 %
Q1 2016 72.13 % 58.70 % 81.39 %
Q2 2016 69.53 % 58.50 % 84.13 %
Q3 2016 70.93 % 59.24 % 83.51 %
Q4 2016 71.30 % 57.29 % 80.35 %
Q1 2017 69.86 % 56.62 % 81.05 %
Q2 2017 69.86 % 57.03 % 81.64 %
Q3 2017 67.82 % 57.57 % 84.88 %
Q4 2017 69.46 % 56.03 % 80.67 %
Q1 2018 70.40 % 57.59 % 81.80 %
Q2 2018 69.70 % 58.38 % 83.75 %
Q3 2018 70.63 % 58.21 % 82.42 %
Q4 2018 70.48 % 58.62 % 83.17 %
Q1 2019 66.61 % 57.48 % 86.29 %
Q2 2019 68.70 % 57.67 % 83.93 %
Q3 2019 68.54 % 56.20 % 81.99 %
Q4 2019 69.73 % 55.61 % 79.75 %
Q1 2020 70.16 % 57.01 % 81.26 %
Q2 2020 68.31 % 56.72 % 83.03 %
Q3 2020 70.84 % 58.34 % 82.36 %
Q4 2020 69.47 % 57.84 % 83.26 %
Q1 2021 69.96 % 59.50 % 85.05 %
Q2 2021 65.54 % 55.92 % 85.32 %
Q3 2021 65.19 % 55.59 % 85.28 %
Q4 2021 64.39 % 54.43 % 84.54 %
Q1 2022 65.84 % 55.84 % 84.82 %
Q2 2022 61.87 % 55.94 % 90.42 %
Q3 2022 61.89 % 55.60 % 89.83 %
Q4 2022 60.10 % 57.67 % 95.96 %
Q1 2023 62.58 % 58.02 % 92.72 %
Q2 2023 60.45 % 58.01 % 95.95 %
Q3 2023 60.83 % 58.00 % 95.35 %
Q4 2023 56.90 % 58.00 % 101.94 %
Q1 2024 61.21 % 58.31 % 95.27 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2015 4,019.65 2.17 2.17 - 11.81
Q2 2015 4,019.65 2.16 2.16 - 11.95
Q3 2015 4,019.65 2.19 2.19 - 11.91
Q4 2015 4,019.65 2.26 2.26 - 12.06
Q1 2016 4,019.65 2.27 2.27 - 12.75
Q2 2016 4,019.65 2.29 2.29 - 12.91
Q3 2016 4,019.65 2.28 2.28 - 12.92
Q4 2016 4,019.65 2.32 2.32 - 13.19
Q1 2017 4,019.65 2.34 2.34 - 13.68
Q2 2017 4,019.65 2.33 2.33 - 13.15
Q3 2017 4,019.65 2.37 2.37 - 13.54
Q4 2017 4,019.65 2.44 2.44 - 13.94
Q1 2018 4,019.65 2.41 2.41 - 14.10
Q2 2018 4,019.65 2.35 2.35 - 14.18
Q3 2018 4,019.65 2.35 2.35 - 13.81
Q4 2018 4,019.65 2.38 2.38 - 14.36
Q1 2019 4,019.65 2.43 2.43 - 14.87
Q2 2019 4,019.65 2.56 2.56 - 14.74
Q3 2019 4,019.65 2.67 2.67 - 14.63
Q4 2019 4,019.65 2.84 2.84 - 15.29
Q1 2020 4,019.65 2.85 2.85 - 14.11
Q2 2020 4,019.65 2.70 2.70 - 15.53
Q3 2020 4,019.65 2.85 2.85 - 16.24
Q4 2020 4,019.65 2.85 2.85 3.03 17.22
Q1 2021 5,504.91 2.18 2.18 3.03 17.73
Q2 2021 5,504.91 2.22 2.23 3.03 24.58
Q3 2021 5,504.91 2.37 2.39 3.03 24.65
Q4 2021 5,504.91 2.30 2.33 3.03 25.00
Q1 2022 6,000.00 2.29 2.32 3.03 25.40
Q2 2022 6,000.00 2.67 2.69 3.03 24.80
Q3 2022 6,000.00 2.80 2.81 3.03 24.49
Q4 2022 6,000.00 3.10 3.10 3.03 25.08
Q1 2023 6,000.00 3.18 3.18 3.10 25.61
Q2 2023 6,000.00 3.25 3.25 3.16 25.83
Q3 2023 6,000.00 3.30 3.30 3.20 25.52
Q4 2023 6,000.00 3.33 3.33 3.23 26.79
Q1 2024 6,000.00 3.34 3.34 3.24 27.47

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 20.89 20.89 3.84
Q2 2015 21.52 21.52 3.88
Q3 2015 18.33 18.33 3.37
Q4 2015 16.78 16.78 3.15
Q1 2016 13.33 13.33 2.37
Q2 2016 12.99 12.99 2.30
Q3 2016 10.75 10.75 1.90
Q4 2016 13.65 13.65 2.40
Q1 2017 12.54 12.54 2.14
Q2 2017 16.92 16.92 3.00
Q3 2017 16.10 16.10 2.82
Q4 2017 16.77 16.77 2.93
Q1 2018 20.07 20.07 3.43
Q2 2018 23.05 23.05 3.82
Q3 2018 21.38 21.38 3.63
Q4 2018 22.36 22.36 3.71
Q1 2019 25.21 25.21 4.12
Q2 2019 24.20 24.20 4.20
Q3 2019 19.24 19.24 3.51
Q4 2019 19.34 19.34 3.59
Q1 2020 13.56 13.56 2.74
Q2 2020 15.36 15.36 2.67
Q3 2020 14.50 14.50 2.55
Q4 2020 10.69 10.69 2.80
Q1 2021 13.09 13.09 3.34
Q2 2021 14.20 14.15 1.75
Q3 2021 15.14 15.05 1.86
Q4 2021 15.88 15.67 1.92
Q1 2022 17.48 17.27 2.08
Q2 2022 16.24 16.12 1.98
Q3 2022 15.55 15.47 1.92
Q4 2022 12.45 12.45 1.50
Q1 2023 11.03 11.03 1.34
Q2 2023 11.65 11.65 1.42
Q3 2023 10.26 10.26 1.29
Q4 2023 11.97 11.97 1.44
Q1 2024 12.39 12.39 1.46

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Capital Market International Banking
Q1 2015 1,448.95 1,041.10 1,224.33 166.74 566.42
Q2 2015 1,522.94 1,034.67 1,013.61 183.19 528.51
Q3 2015 1,533.85 1,062.65 1,011.26 160.03 545.05
Q4 2015 1,854.84 1,002.57 857.08 181.42 546.46
Q1 2016 1,970.14 1,040.62 1,017.29 159.51 536.42
Q2 2016 1,985.35 1,054.82 882.82 147.36 589.90
Q3 2016 1,967.03 1,104.46 874.28 114.20 602.84
Q4 2016 1,782.46 1,186.84 970.39 159.65 501.03
Q1 2017 1,938.41 1,235.61 1,133.92 163.66 388.22
Q2 2017 1,924.73 1,042.93 973.23 144.16 393.30
Q3 2017 2,106.64 842.25 982.69 154.12 405.84
Q4 2017 2,171.24 973.67 806.38 173.87 390.38
Q1 2018 2,116.90 873.73 1,189.77 227.59 371.26
Q2 2018 1,976.75 1,075.78 989.64 176.26 442.12
Q3 2018 2,318.57 1,000.84 858.77 154.71 398.71
Q4 2018 2,260.08 1,111.00 908.44 161.60 314.71
Q1 2019 2,240.76 1,157.45 1,074.45 181.00 297.15
Q2 2019 2,385.91 965.58 1,128.53 216.64 353.75
Q3 2019 2,568.71 1,061.34 822.01 163.79 380.69
Q4 2019 2,512.36 1,526.65 883.24 225.36 429.32
Q1 2020 2,319.66 1,112.59 1,148.97 249.10 474.94
Q2 2020 2,363.44 2,914.55 (1148.97) 219.62 417.10
Q3 2020 2,676.13 2,267.98 - 285.99 407.50
Q4 2020 2,829.45 2,238.61 - 378.32 302.94
Q1 2021 2,662.57 2,430.09 - 350.17 276.48
Q2 2021 3,209.70 2,670.09 - 1,441.78 266.25
Q3 2021 3,326.70 4,696.32 - (625.34) 476.74
Q4 2021 3,267.32 2,705.87 - 410.61 670.36
Q1 2022 3,664.72 3,265.04 - 496.80 666.34
Q2 2022 3,552.39 3,550.45 - 539.48 702.87
Q3 2022 3,739.41 3,747.26 - 327.18 633.98
Q4 2022 3,655.43 3,385.15 - 506.20 571.89
Q1 2023 3,868.23 3,672.73 - 418.04 774.59
Q2 2023 4,152.10 3,052.24 - 386.42 906.18
Q3 2023 4,005.96 3,355.68 - 483.95 891.18
Q4 2023 3,838.76 3,818.72 - 426.51 540.69
Q1 2024 4,134.83 3,657.38 - 719.97 427.24

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 5,040.83 5,039.61 0.0 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
OSOOL AND BAKHEET 5,044.90 5,039.61 (0.1) %
Sico 5,087.00 5,039.61 (0.9) %
FAB Securities 4,976.00 5,039.61 1.3 %
Hermes 5,110.00 5,039.61 (1.4) %
Riyad Capital 5,117.00 5,039.61 (1.5) %
United Securities Company 4,854.00 5,039.61 3.8 %
Citi Bank Group 4,831.06 5,039.61 4.3 %
U-Capital 5,272.60 5,039.61 (4.4) %
Bank of America 4,787.78 5,039.61 5.3 %
GIB Capital 5,328.00 5,039.61 (5.4) %


Financial Ratios
Current
Market Cap (M Riyal) 214,200.00
Shares Outstanding ((M)) 6,000.00
EPS ( Riyal) (TTM) 3.34
EPS Diluted ( Riyal) (TTM) 3.24
Book Value (BV) ( Riyal) 27.47
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 10.70
P/E (TTM) 10.70
Price/book 1.30
Return on Average Assets (%) (TTM) 2.0
Return on Average Equity (%) (TTM) 12.6
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Share Price

The Saudi National Bank
35.65
(0.05) (0.14 %)

The Saudi National Bank (SNB)

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