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Saudi National Bank (SNB), the kingdom's largest bank by assets, posted a 7% rise in Q3 net profit at 5.4 billion riyals ($1.4 billion) on Tuesday, as higher total operating income offset high impairment charges.
The profit came in well above analysts’ mean estimate of SAR 4.97 billion, according to LSEG data.
Total operating income rose by 5% to SAR 9.2 billion, driven by a 20% increase in net fees from banking services and a 41% increase in total investment income.
SNB's net impairment charge for expected credit losses soared 89% to SAR 227 million from the previous quarter, according to a stock exchange filing.
For the nine-month period ending September 30, the bank made a net profit of SAR 15.63 billion.
Total assets expanded by 9.5% to SAR 1.12 trillion during the period.
(Reporting by Brinda Darasha; editing by Daniel Luiz)
