Riyadh – Mubasher: Al Inma Bank’s profits slightly rose 1.04% year-on-year to SAR 390 million ($104 million) in the fourth quarter of 2016 from SAR 386 million ($102.93 million).
Total operating income increased 21% due to increase in the net income from financing and investments in addition to the gain from foreign exchange income, gain on investments and dividends income.
"On the other hand, the total operating expenses increased by 42% mainly due to increase in provisions for impairment of financing and investments, salaries expenses and general and administrative expenses," the statement said.
Net profits went up 2.18% to SAR 1.5 billion in 2016, compared to SAR 1.47 billion in 2015, according to a bourse filing on Tuesday.
Gross financing and investment income for the three month period ended 31 December 2016 reached SAR 992 million compared to SAR 659 million in the year-ago period, with an increase of 51%.
