Saudi National Bank (SNB), the country’s biggest lender, posted a 20.3 percent rise in first-quarter net profit with lower impairments and higher fees, in a sign that the economy has been recovering from last year’s pandemic lockdowns, Trend reports with reference to Al Arabiya.
SNB reported a net profit of 3.4 billion riyals ($907 million) for the quarter that ended on March 31, up from 2.8 billion riyals in the same period a year earlier.
EFG Hermes had forecast a net profit of 3.9 billion riyals.
The Saudi bank said total operating income increased by 8.8 percent mainly due to higher net special commission income, investment related income and higher fees from banking services.
Rating agency Moody’s said this month the merger would increase the group’s resilience against current operating environment pressures on the back of moderate oil prices, spread of coronavirus and reduced government spending.