Saudi Arabia Banking Pulse

Higher net interest income and lower impairments supported net income growth Net income bridge - SAR Bn 11.04 (2.06) (0.23) 0.71 0.01 0.00 (0.28) 13.28 KEY TAKEAWAYS Aggregate net income increased 20.3% QoQ to SAR 13.3bn • Higher net interest income (+3.5% QoQ) and lower impairments (-44.3% QoQ) boosted net profit • Impairments decreased substantially after it spiked in Q2'21 due to higher reported impairments by SNB (+8.6x QoQ) due to merger ■ SNB reported impairments of SAR 0.7bn in Q3'21 compared to SART 2.4bn in Q2'21 The increase in net profit was partially offset by higher operating expense (+3.0% QoQ) and increase in tax expense (+15.6% QoQ) Q2'21 Net interest income Net fee & commission income Other operating income Operating Impairments Taxes expenses Q3'21 Source: Financial statements, Investor presentations, A&M analysis 6 ALVAREZ & MARSAL

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