Riyadh – Mubasher: Arab National Bank reported net profits of SAR 565.1 million ($150.7 million) for the fourth quarter of 2016, down 4.9% from SAR 594.4 million ($158.5 million) in the year-ago period.
The decrease in the net profit is attributable to higher total operating expenses by 6.6% resulting mainly from the increase in impairment charges for credit losses and in general and administrative expenses and depreciation expenses offset by lower salaries and employees related expenses .
Operating income recorded rose 2.3% due to higher net special commission income; offset by decreases in gains on non-trading investments, other operating income, unrealized gains from FVIS financial instruments and net banking fees and commission income, according to a bourse filing.
As for the first twelve months of 2016, the bank posted net profits of SAR 2.85 billion down by 3.73% from SAR 2.96 billion a year earlier.
