Saudi National Bank (SNB) reports net income of SAR 3.8 billion in Q3 of 2021

24 October 2021, Riyadh - Saudi National Bank (SNB), the new Saudi banking champion, announced today its financial results for Q3 2021; the second announcement since the formal completion of the merger on 1 April 2021.

SNB's Q3 2021 net income after Zakat and income tax attributable to common equity holders grew by 19.9% to SAR 3,785 million compared to SAR 3,158 million in the same period last year, an increase of SAR 627 million.

SNB's YTD net income after Zakat and income tax attributable to common equity holders grew by 15.2% to SAR 9,311 million compared to SAR 8,080 million in the same period last year, an increase of SAR 1,231 million.

Total assets were at SAR 903 billion compared to SAR 577 billion in the same period last year, whilst shareholder equity (excluding minority shareholders) grew by 112% from SAR 75 billion to SAR 160 billion. In addition, the Bank's loan portfolio grew to SAR 504 billion compared to SAR 336 billion, whilst the investments portfolio reached SAR 236 billion compared to SAR 144 billion. Customer deposits reached SAR 589 billion compared to SAR 408 billion also at the end of the same period last year.

SNB's YTD financial results cover the results of Saudi National Bank for the full YTD and the merged Samba Financial Group's results for only the six months following merger completion on 1st April 2021. Account losses incurred from credit allocations related to the merger are non-recurring and one time only.

The Bank is at an advanced stage in evaluating the goodwill and intangible assets based on IFRS requirements. SNB does not expect any material change in the future calculation than the one provided in the Q3 2021 financials, and this process will be completed by the end of this year.

Commenting on the results, Ammar A. Al-Khudairy, Chairman of SNB said: "Following the completion of our merger, our financial results reflect the strength of the banking powerhouse we set out to create. We are pleased to see Saudi National Bank already starting to realize efficiency gains and reaping the benefits of the merger's cost and revenue synergies. SNB's growth in income and profitability in the third quarter of 2021 is a clear sign of improving economic conditions. We are confident that the coming period will see us go from strength to strength and create even more value for our customers, employees and shareholders".

Post-merger integration milestones continue to be met, the migration of Samba customers' accounts to SNB is being done on a well-organized execution plan to deliver a seamless migration experience. SNB has completed the setting up of accounts for all Samba customers in SNB of which 100% of wholesale and private banking customers' accounts have been successfully activated, while 50% of the total retail banking accounts have been fully setup in preparation for imminent customer migration.