Riyadh - Mubasher: Bank reported an increase in profits for the first quarter of 2017 by 7.67% year-on-year and by 7.95% quarter-on-quarter, according to a bourse filing.
Profits reached SAR 421 million in Q1-17 compared to SAR 391 million in the same quarter last year, the bank said in a statement to the Saudi Stock Exchange (Tadawul) on Monday.
The increase in net profits is attributed to the growth of total operating income by 37%, mainly due to the increase in income from financing and investments in addition to gains from equity investments and exchange income, while the dividend income decreased, the statement noted.
On the other hand, total operating expenses increased by 70% mainly due to the increase in provisions for impairment of financing and investments, depreciation, general, administrative and salaries related expenses.
