Saudi National Bank, the Kingdom's largest lender by total assets, reported a full-year 2024 net income of SAR 21.2 billion, a 6% year-on-year increase, in results published on 29 January 2025. Total assets reached SAR 1.1 trillion at year-end, up 6.5%. Diluted earnings per share rose to SAR 3.43 from SAR 3.23 in 2023.
SNB was formed from the combination of National Commercial Bank and Samba Financial Group in 2021.
FEE INCOME AND FINANCING PORTFOLIO
SNB's financing portfolio reached SAR 654 billion at year-end 2024, an increase of 8.8% year-on-year. The 8.8% expansion in financing outpaced the bank's overall asset growth rate, indicating that lending increased its share of the balance sheet relative to other asset categories.
Net fee income from banking services rose 17.2%, while total operating income grew 4.2%.
ASSET QUALITY
Net impairment charges for expected credit losses rose 10.9% in 2024, according to the bank's results statement.