Riyadh – Mubasher: Arab National Bank achieved a rise of 3.79% in net profits during the second quarter of fiscal year 2017 compared to the same period of the prior year.
The bank’s earnings increased to SAR 849 million in Q2-17 from SAR 818 million in Q2-16, according to a recent bourse statement.
Arab National Bank clarified that the increase in Q2 profits is attributed to a growth of 7.8% in total operating income that mainly resulted from a rise in net special commission income and in the dividend income and gains on non-trading investments.
The bank’s total operating expenses rose by 12.3% due to a growth in impairment charges for credit losses, as well as rent and premises-related expenses which were offset by a decline in salaries and employees-related expenses, impairment charges for investments, and depreciation expenses.
