Riyadh – Mubasher: Saudi Arabia-based Arab National Bank on Monday reported an 8.26% year-on-year hike in its net profits for the second quarter of 2018.
The bank logged a net profit of SAR 919.1 million during the period between April and June, compared to SAR 849 million in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits jumped 12.57% in Q2-18, from SAR 816.5 million.
The Saudi lender attributed the rise in its second-quarter net profits to a 7.9% decline in operating expenses, coupled with higher net special commission and net trading incomes.
At the level of first six months of 2018, Arab National Bank’s profits amounted to SAR 1.7 billion, compared to SAR 1.6 billion in H1-17.
The Tadawul-listed banks ascribed the first-half profit rise to a 4.8% decline in total operating expenses.
By 10:37 am Saudi time, Arab National Bank’s stock rose 0.88% to SAR 34.50.
