Riyadh – Mubasher: Saudi – based Arab National Bank reported net profits of SAR721.7million for the third quarter of 2016, down by 5.56% from SAR764.2million for the same period of the previous year.
As for the first nine months of 2016, the lender posted net profits of SAR2.288 billion down by 3.43% from SAR2.370 billion a year earlier.
The lender attributed its profits decline in the first quarter of 2016 to an increase in total operating expenses by 10.7% resulting mainly from the increase in impairment charges for credit losses in addition to the increase in general and administrative expenses and depreciation expenses ; offset by decreases in impairment charges for investments and salaries and employees related expenses.
