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Saudi National Bank Posts 20% Rise in Quarterly Profit

Saudi National Bank Posts 20% Rise in Quarterly Profit

Sunday, 24 October, 2021 - 06:30
A night view of Riyadh. (Reuters file photo)

Saudi National Bank (SNB), the country's biggest lender, on Sunday posted a nearly 20% rise in third-quarter profit from higher fees.


SNB reported a net profit of 3.8 billion riyals ($1.0 billion) for the quarter that ended on Sept. 30, up from 3.2 billion riyals in the same period a year earlier.


The result was better than the 3.6 billion riyals average analysts' forecast on Refinitiv Eikon data.


The Saudi bank said total operating income increased by 38.4% mainly due to higher net special commission income, foreign exchange income and higher fees from banking services.


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