RIYADH: The net profit of Saudi National Bank, the Kingdom’s largest lender, hit SR4.5 billion ($1.2 billion) in the first quarter, up 32.1 percent from a year ago, according to a filing.
The bank’s total operational profit reached SR8 billion in the first quarter, up 41 percent from the same period last year, and up 10 percent compared to the previous quarter.
SNB attributed the rise in net profit to higher total operating income and lower operating expenses including net impairment charges for expected credit losses.
The operating expenses were low in the first quarter due to lower salaries and employee-related expenses, rent and premises-related expenses and other general and administrative expenses, the filing added.
