Latest news with #TareqAlSadhan
Zawya
23-04-2025
- Business
- Zawya
SNB net income rises to $1.6bln, registering highest-ever quarterly results
RIYADH — 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 © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Saudi Gazette
22-04-2025
- Business
- Saudi Gazette
SNB net income rises to SR6bn, registering highest-ever quarterly results
RIYADH — 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
Zawya
04-03-2025
- Business
- Zawya
Saudi PIF unit inks $906mln mortgage portfolio acquisition deal
The Saudi Real Estate Refinance Company (SRC), a PIF company, has signed a SAR3.4 billion mortgage portfolio acquisition agreement with the Saudi National Bank (SNB), Saudi Arabia's largest financial institution. The deal marks one of the largest mortgage refinancing transactions in Saudi Arabia. It is part of SRC's ongoing mortgage portfolio acquisitions, reinforcing the group's role as a key liquidity provider in the secondary mortgage market. SNB and SRC further solidify their positions as drivers of innovative financial solutions and economic growth through this collaboration, it stated. By securitizing acquired mortgage portfolios, SRC is driving the evolution of Saudi Arabia's secondary mortgage market, ensuring long-term financial stability and strengthening Saudi Arabia's position as a regional leader in housing finance, it added. The agreement was signed by Tareq Al Sadhan, CEO of SNB, and Majeed Al Abduljabbar, CEO of SRC, thus reinforcing their shared commitment to expanding homeownership opportunities for Saudi citizens by refinancing the mortgage portfolio, thereby injecting long-term liquidity into Saudi Arabia's residential mortgage market. The agreement also paves the way for developing Residential Mortgage-Backed Securities (RMBS), enhancing market liquidity and activity, while increasing its attractiveness to local and international investors, it stated. Al Sadhan said: "As the kingdom's leading provider of mortgage financing, SNB remains committed to supporting homeownership, enhancing market liquidity, and delivering competitive housing finance solutions." "This agreement underscores our dedication to empowering Saudi families with accessible and affordable home financing, in line with Saudi Vision 2030's housing sector goals to increase homeownership rates to 70%.," he stated. Al Sadhan further emphasized that the partnership reinforces SNB's position in the kingdom's secondary mortgage market and strengthens its role as a strategic partner in SRC's Originate-To-Distribute (OTD) model. This collaboration enhances market liquidity, supports financial stability in the housing sector, and marks a key milestone in advancing long-term sustainable securitization efforts, he noted. Abduljabbar said this strategic agreement with SNB reflects its shared vision to build a resilient and liquid housing finance ecosystem in Saudi Arabia. "By providing liquidity and establishing a robust securitization framework, we are laying the foundation for a sustainable mortgage market that supports Saudi citizens in achieving homeownership," he added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
03-03-2025
- Business
- Trade Arabia
Saudi PIF unit inks $906m mortgage portfolio acquisition deal
The Saudi Real Estate Refinance Company (SRC), a PIF company, has signed a SAR3.4 billion mortgage portfolio acquisition agreement with the Saudi National Bank (SNB), Saudi Arabia's largest financial institution. The deal marks one of the largest mortgage refinancing transactions in Saudi Arabia. It is part of SRC's ongoing mortgage portfolio acquisitions, reinforcing the group's role as a key liquidity provider in the secondary mortgage market. SNB and SRC further solidify their positions as drivers of innovative financial solutions and economic growth through this collaboration, it stated. By securitizing acquired mortgage portfolios, SRC is driving the evolution of Saudi Arabia's secondary mortgage market, ensuring long-term financial stability and strengthening Saudi Arabia's position as a regional leader in housing finance, it added. The agreement was signed by Tareq Al Sadhan, CEO of SNB, and Majeed Al Abduljabbar, CEO of SRC, thus reinforcing their shared commitment to expanding homeownership opportunities for Saudi citizens by refinancing the mortgage portfolio, thereby injecting long-term liquidity into Saudi Arabia's residential mortgage market. The agreement also paves the way for developing Residential Mortgage-Backed Securities (RMBS), enhancing market liquidity and activity, while increasing its attractiveness to local and international investors, it stated. Al Sadhan said: "As the kingdom's leading provider of mortgage financing, SNB remains committed to supporting homeownership, enhancing market liquidity, and delivering competitive housing finance solutions." "This agreement underscores our dedication to empowering Saudi families with accessible and affordable home financing, in line with Saudi Vision 2030's housing sector goals to increase homeownership rates to 70%.," he stated. Al Sadhan further emphasized that the partnership reinforces SNB's position in the kingdom's secondary mortgage market and strengthens its role as a strategic partner in SRC's Originate-To-Distribute (OTD) model. This collaboration enhances market liquidity, supports financial stability in the housing sector, and marks a key milestone in advancing long-term sustainable securitization efforts, he noted. Abduljabbar said this strategic agreement with SNB reflects its shared vision to build a resilient and liquid housing finance ecosystem in Saudi Arabia. "By providing liquidity and establishing a robust securitization framework, we are laying the foundation for a sustainable mortgage market that supports Saudi citizens in achieving homeownership," he added.
