RIYADH: Saudi National Bank has appointed Saeed Mohammed Al-Ghamdi as its new chairman following the resignation of Abdul Wahed Al-Khudairy from his post citing personal reasons, it was announced on Monday.
The bank also appointed Talal Ahmed Al Khereiji as the new acting CEO, according to a bourse statement.
SNB said that the new changes will be effective from March 27.
In 2022, the bank recorded a 46.7 percent increase in net profit, hitting SR18.6 billion ($4.96 billion), spurred by higher operating income and a decline in provisions for expected credit losses.
The Kingdom’s biggest bank also saw a 61 percent surge in net profit in the fourth quarter of 2022 to SR4.8 billion from SR2.96 billion during the same period in 2021.
The results beat the average analyst estimate of SR18.2 billion, according to Refinitiv data.
Earlier in March, the bank moved to play down any risk to its balance sheet caused by the fall in share value of Credit Suisse.
SNB bought almost 9.9 percent of Credit Suisse for SR5.5 billion in November 2022, with the Saudi bank later saying the investment represented just 0.5 percent of its total assets and approximately 1.7 percent of its overall investment portfolio.
In a statement to the Saudi stock exchange, made as Credit Suisse hit difficulties, SNB said: “Changes in the valuation of SNB's investment in Credit Suisse have no impact on SNB's growth plans and forward-looking 2023 guidance.”
Shares of Credit Suisse and other banks plunged after the failure of two banks in the US sparked concerns about other potentially shaky institutions in the global financial system.
Fellow Swiss bank group UBS agreed to buy Credit Suisse for more than $3 billion, a move which calmed markets after concerns about the global financial sector increased following the failure of two banks in the US.