Riyadh – Mubasher: Arab National Bank’s net profits rose 2.5% to SAR 768 million ($204.8 million) in the first quarter of 2017 from SAR 749.2 million ($199.79 million) in the year-ago period.
The increase in the net profit is attributable to higher total operating income by 2.3% resulting mainly from higher net special commission income and net trading income.
Higher operating expenses by 2% is due to the rise in rent and premises related expenses and impairment charges for credit losses, according to a bourse filing on Tuesday.
Total profit of operations levelled up 2.3% to SAR 1.45 billion in the Q1-17 compared to SAR 1.48 billion in the same period of the previous year.
Net special commissions reached SAR 1.07 billion from SAR 961.7 million in Q1-16, with an increase of 11.2%.
