Riyadh - Mubasher: The financial results of Alawwal Bank showed a decrease in profits by 36.7% year-on-year in the first quarter of 2017, according to a bourse filing.
Profits achieved in Q1-17 totalled SAR 324 million ($86.4 million) compared to SAR 511.5 million ($136.4 million) in Q1-16, the bank said in a statement to the Saudi Stock Exchange (Tadawul) on Monday.
The bank attributed the decline in profits to the higher total operating expenses, which increased by 48.83% mainly due to the rise in impairment charge for credit losses, as well as rent and premises related expenses.
This increase was partially offset by decrease in salaries and employee related expenses, the statement noted.
