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Investing.com -- Shares of Saudi National Bank (SNB) experienced a significant rise in Riyadh, following the bank’s announcement of a record quarterly profit. The bank’s shares increased by 3% in Riyadh trading after it reported a broad earnings beat.
SNB disclosed a net income of 6.02 billion riyals ($1.6 billion), exceeding analysts’ expectations across various metrics, including operating income and earnings per share. This information was released in a company statement and corroborated by data compiled by Bloomberg.
The bank’s impressive performance is attributed to an uptick in income from net fees for banking services, and its financing and investment portfolios, among other factors. This positive news led to a surge in the bank’s shares, with SNB shares climbing by as much as 5.2% on the Saudi stock exchange.
SNB’s earnings beat comes in the wake of the bank’s adoption of a new three-year strategy aimed at enhancing operations and improving stock performance.
This strategy was adopted under the leadership of Tareq Abdulrahman Al Sadhan, who assumed the role of chief executive officer a year ago. Analysts have responded favorably to this strategy, although they acknowledge that future challenges may arise due to tighter liquidity conditions and low oil prices.
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