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SAUDI NATIONAL BANK-
The Saudi National Bank (SNB)’s net income rose 7.7% y-o-y in FY 2023 to SAR 20 bn on the back of an increase in total operating income, according to a disclosure to Tadawul yesterday. Revenues from its financing and investment business grew 2.7% y-o-yto SAR 27 bn in the same period on the back of a growth in the bank’s financing and investments portfolios.
Deep dive: The bank’s assets rose 9.7% y-o-y last year to SAR c. 1.04 tn, while investments were up 4.2% y-o-y to c. SAR 269.1 bn. Client deposits were up 3.8% y-o-y to c. SAR 590.1 bn.
BANKALJAZIRA-
Bank Aljazira reported a c. 8% y-o-y decline in net income to SAR 1 bn in FY 2023 on the back of a decrease in operating income, according to a disclosure to Tadawul. Revenues from financing and investments fell 7.7% y-o-y to c. SAR 2.4 bn in the same period due to a rise in return on deposits and financial liabilities, it said.
Bank Aljazira’s assets rose 11.8% y-o-y last year to c. SAR 130 bn, while their investments were down c. 0.6% to SAR 24.4 bn. Clients deposits grew 9.3% y-o-y in the same period to SAR 94.1 bn.
BANQUE SAUDI FRANSI-
Banque Saudi Fransi (BSF)’s net income rose 18.1% y-o-y in FY 2023 to c. SAR 4.2 bn on the back of an increase in total operating income, according to a disclosure to Tadawul yesterday. Financing and investment income grew 21.9% y-o-y to SAR 7.8 bn in the same period on the back of higher returns.
The bank’s assets rose 9.2% y-o-y last year to SAR c. 253.4 bn, while investments were up 8.9% y-o-y to c. SAR 48.5 bn. Client deposits were up 9.3% y-o-y to c. SAR 172.2 bn.
ABO MOATI BOOKSTORES-
Abo Moati Bookstores’ net income fell 3.4% y-o-y in FY 2023 to c. SAR 24.3 mn on the back of a drop in sales, according to a disclosure on Tadawul. Revenues were down 14.7% y-o-y to c. SAR 214 mn in the same period due to lower ink sales resulting from the cancellation of a HP brand ink distribution agreement.
4Q in a nutshell: Abo Moati’s net income rose 6.6% y-o-y in the fourth quarter of the year to SAR 8.5 mn due to an increase in net income and gross income, while revenues were down 13% y-o-y in the same period to SAR 75.1 mn as the cancellation of the HP brand ink distribution agreement impacted ink sales.
