Riyadh – Mubasher: Alawwal Bank on Wednesday said that its net profits went up 38.13% year-on-year in the third quarter of 2017.
The bank’s profits reached SAR 363 million in Q3-17, compared to SAR 262.8 million in Q3-16, according to a bourse statement.
Quarter-on-quarter, profits rose 12.7%.
The Saudi bank attributed the rise in its year-on-year net profits to decrease in operating expenses by 10.9%, and a growth in operating income by 3.2%.
At the level of the first nine months Alawwal Bank’s net profits plunged 23.2% to SAR 1 billion, from SAR 1.31 billion in the corresponding period in the year earlier.
By 10:23 am KSA time, the bank's stock rose 0.52% to SAR 11.50.
