Saudi National Bank Appoints New Chairman, CEO, Reports Strong Financial Results
Date
3/28/2023 2:29:46 AM
(MENAFN) Saudi National bank (SNB) has announced the appointment of Saeed Mohammed Al-Ghamdi as its new chairman and Talal Ahmed Al Khereiji as the new acting CEO, effective from March 27, following the resignation of Abdul Wahed Al-Khudairy due to personal reasons. The Kingdom's largest bank reported a net profit of SR18.6 billion ($4.96 billion) in 2022, up by 46.7% from the previous year, driven by higher operating income and a decline in provisions for expected credit losses. In Q4 of 2022, SNB's net profit surged by 61% to SR4.8 billion from SR2.96 billion in the same period of 2021, beating the average analyst estimate of SR18.2 billion, according to Refinitiv data.
Earlier in March, SNB sought to allay concerns about the impact of the fall in share value of Credit Suisse on its balance sheet. In November 2022, SNB acquired almost 9.9% of Credit Suisse for SR5.5 billion, but later clarified that the investment represented just 0.5% of its total assets and approximately 1.7% of its overall investment portfolio. As Credit Suisse hit difficulties and shares of the bank and other financial institutions plunged after the failure of two banks in the US, SNB issued a statement to the Saudi stock exchange, stating that "changes in the valuation of SNB's investment in Credit Suisse have no impact on SNB's growth plans and forward-looking 2023 guidance."
The appointment of Al-Ghamdi and Al Khereiji to key leadership positions in SNB, along with the bank's impressive financial results, demonstrate the bank's stability and growth potential in the face of challenges in the global financial system. The appointment of new leadership and the strong financial performance indicate SNB's commitment to maintaining its position as a leading financial institution in the Kingdom and the wider region.
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