RIYADH: Shares in the Kingdom’s largest lender, Saudi National Bank, soared to their highest level since listing on Thursday, after it reported higher quarterly earnings.
The bank’s stock price surged 3.73 percent to SR77.9 ($20.8) as of 1:54 p.m. Riyadh time, after touching a record high of SR78.8 earlier in the day.
This comes a day after it posted SR4.5 billion in first-quarter profits, up 32.1 percent from a year ago.
The bank’s total operational profit reached SR8 billion last quarter, up 41 percent from the same period last year, and up 10 percent compared to the previous quarter.
SNB attributed the solid figures to higher total operating income and lower operating expenses, including net impairment charges for expected credit losses.
