(MENAFN) The National Saudi Bank, the largest bank listed in the Saudi market in terms of assets, reported a modest 0.3 percent increase in profits for the first quarter of this year, reaching 5.04 billion riyals (approximately 1.34 billion dollars). This marginal uptick in profits compared to the previous year's first quarter, where profits stood at 5.02 billion riyals, was attributed to various factors outlined in a statement published on the Saudi Stock Exchange "Tadawul" website.
According to the bank's statement, the increase in net profit during the current quarter compared to the same period last year can be attributed to a 0.4 percent rise in net income attributable to shareholders' equity. This increase was driven by a 2.4 percent growth in operating income, as well as a marginal uptick of 0.4 percent in net income attributable to shareholders' equity from other non-operating income/expenses. However, these gains were partially offset by an increase in operating expenses, including the net allowance for expected credit losses.
Earnings per share for the first quarter were reported at 0.82 riyals, compared to 0.81 riyals for the corresponding period in the previous year. Despite the modest increase in profits, the National Saudi Bank remains a significant player in the Saudi banking sector, with its financial performance reflecting the broader economic landscape and market conditions. As the bank continues to navigate challenges and capitalize on opportunities, its ability to sustain growth and deliver value to shareholders will be closely monitored by investors and stakeholders alike.
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