Saudi National Bank Second Quarter 2024 Earnings: EPS Beats Expectations, Revenues Lag

Saudi National Bank (TADAWUL:1180) Second Quarter 2024 Results

Key Financial Results

• Revenue: ر.س6.93b (down 18% from 2Q 2023).
• Net income: ر.س5.23b (up 9.3% from 2Q 2023).
• Profit margin: 76% (up from 57% in 2Q 2023). The increase in margin was driven by lower expenses.
• EPS: ر.س0.84 (up from ر.س0.81 in 2Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Saudi National Bank EPS Beats Expectations, Revenues Fall Short

Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 5.1%.

Looking ahead, revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Saudi Arabia.

Performance of the Saudi Banks industry.

The company's shares are down 7.5% from a week ago.

Risk Analysis

We don't want to rain on the parade too much, but we did also find 1 warning sign for Saudi National Bank that you need to be mindful of.

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