Riyadh – Mubasher: Bank Albilad reported on Monday a net profit of SAR 183.9 million ($49 million) in the second quarter of fiscal 2016, falling 10.94% from SAR 206.5 million ($55 million) in Q2-15.
However, net profit rose 5.4% compared to SAR 174.5 million in Q1-16, according to a bourse filing.
The q-o-q drop was attributed to the rise in total operating expenses by 19.7% as result of higher provisions for financing and investments assets in addition to the increase in salaries and employee related and there is a decrease in the other general and administrative expenses.
Total operating income grew 8.9% thanks to the increase in net income from investment and financing and the rise in net fee and commission and other operating income.
In the first half of fiscal 2016, net earnings declined by 5.83% to SAR 358.4 million, versus SARF 380.6 million in H1-15.
The bank earlier posted a net profit of SAR 174.5 million in Q1-16; 0.23% up from SAR 174.1 million in Q1-16.
