The Saudi National Bank (SNB), the largest bank in Saudi Arabia, announced a net income of SR6.0 billion for the first quarter of 2025, representing its highest-ever quarterly financial results. This marks a year-on-year growth of 19% compared to the first quarter of 2024. On a quarterly basis, net income grew sequentially by 8%. These exceptional financial results are being delivered as a part of successful execution on SNB's strategy. In a statement published on the Saudi Exchange (Tadawul), SNB attributed the strong growth in net income to an 8% increase in total operating income, which reached SR9.6 billion. This performance was supported by a 5% rise in net special commission income, and a 16% increase in fee and other income. Total assets increased to SR1.2 trillion, reflecting a 9% growth compared to 1Q 2024 (Year-over-Year) and a 6% increase compared to 4Q 2024 (Quarter-over-Quarter). The Bank's investment portfolio also grew by 13% YoY (6% QoQ). This growth was driven by a 13% expansion in the financing portfolio YoY (8% QoQ), primarily driven by Wholesale Financing and Retail Mortgages. The growth was mainly funded through Customers' deposits, which reached SR626.4 billion for the period. Saeed Alghamdi, Chairman of SNB, commented: "The exceptional financial performance delivered in the first quarter of 2025 marks a defining milestone in the Bank's journey. Achieving our highest-ever quarterly profit is a testament to our disciplined strategy, underpinned by strong governance, robust financial management, and an accelerated transformation agenda. These foundations have positioned us to effectively capitalize on the Kingdom's economic opportunities and reinforce our presence across key sectors." He added: "This remarkable growth in profitability, alongside continuous improvements in asset quality and operational efficiency, underscores our ability to deliver long-term value to shareholders and reflects the deep trust placed in us by our clients and the broader business community." Tareq AlSadhan, Chief Executive Officer of SNB, stated: "Driven by our strategy, the first quarter of 2025 witnessed outstanding financial performance, with SNB achieving its highest-ever quarterly earnings. This result reflects healthy growth across our business segments, driven by a solid increase in operating income from higher net special commission income, stronger fee-based revenue, and robust returns from our investment portfolio. By aligning our efforts with clear strategic priorities, we are making solid progress on SNB's strategic aspirations, growing in lucrative segments and expanding our addressable market, while creating sustainable value for our shareholders. Key focus areas of our strategy are market share & value creation, operational excellence, enhancing customer experience, accelerating innovation and attracting the right talent; all of which are progressing according to plan. We have designed a central steer to drive the strategy which includes shared targets, organization structural changes, and strong performance governance." He continued: "We have successfully expanded our financing portfolio by 706.4 bn, including both Wholesale and Retail financing growth. Wholesale growth was broad-based across key business lines including large corporates, mid-sized corporates, SMEs, Vision 2030 projects and financial institutions lending. Retail financing growth was driven mainly by residential and personal financing. By maintaining our client-centric approach, we have funded this growth primarily from Customers' Deposits, which reached SR626.4 bn. Our focus on operational efficiency and digital transformation has also translated into an enhanced customer experience and improved cost-to-income ratios." AlSadhan reaffirmed SNB's strong financial position, supported by solid capital adequacy and stable liquidity, enabling us to contribute to the Kingdom's economic development and deliver sustainable value to our shareholders. He also confirmed Bank's commitment to playing a central role in supporting Saudi Vision 2030, enabling private sector development, expanding financial inclusion through innovative digital solutions, supporting Saudi businesses and MSME's, along with financing Saudi Arabia's flagship projects. "We remain focused on building on these achievements and strengthening SNB's position as a national banking champion that actively contributes to Saudi Arabia's economic progress," he concluded. — SG
