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الاقتصادية
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National Bank profits rise despite lending slowdown
The article focused on the Saudi National Bank's high profits in the second quarter of the year, reaching 6.6 billion Saudi Riyals, a 7.6% increase year-on-year, surpassing expectations. The growth was driven by an increase in fee income, which recorded its highest pace in four years at 11.4%, supported by improved margins and a decrease in interest expenses for the first time in over five years. Despite a slowdown in loan growth to its lowest level in seven years at 3.5%, the faster growth of deposits compared to loans contributed to the rise in the loan-to-deposit ratio to 106%, with client deposit shares reaching their highest level in three years. Profits also concentrated on non-operational items, such as gains from investments, which helped maintain net income growth despite a slowdown in operational profit growth and an increase in provisions to cover credit losses.
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