Saudi National Bank (SNB), the largest bank in the kingdom, reported a robust 7.7% increase in full-year net profit. The bank's net profit for 2023 reached 20.01 billion riyals ($5.34 billion), surpassing the average analyst estimate. This marked a notable improvement from the previous year's figure of 18.6 billion riyals. The fourth quarter alone contributed 4.96 billion riyals to the overall annual profit, reflecting positive momentum. SNB's strong financial performance was attributed to a nearly 5% rise in operating income, driven by increased fees from banking services and higher investment income.

Notably, provisions for non-performing loans experienced a significant 45% year-on-year decrease, amounting to 923 million riyals as of December 31. The bank highlighted a 45% surge in special commission income from financing, reaching 38.5 billion riyals, credited to a 10% expansion in its financing portfolio and the impact of higher benchmark rates. The bank's financial indicators demonstrated healthy growth, with loans and advances reaching 601.5 billion riyals, a 10.3% year-on-year increase, and customer deposits growing by 3.8% over the same period.