Saudi National Bank Q1 Profit Up 7%

Saudi National Bank posted Q1 profit of SAR6.4 billion (SAR1.04 per share), a 7% increase YoY and 1% QoQ.
Revenue fell 3% QoQ while non‑interest income dropped 11%, though net interest income and net interest margin remained stable at 2.85%.
Operating costs rose 48% QoQ (3% YoY), pushing cost‑to‑income ratio to 29% and cost of risk to a 32‑basis‑point credit.
Loans grew 0.5% QoQ, deposits 4.6% QoQ, lowering loan‑to‑deposit ratio to 110% from 115% while regulatory target remains 80%.