Riyadh – Mubasher: Bank Albilad’s net profits rose 8.37% to SAR 221.5 million ($59.06 million) in the fourth quarter of 2016 from SAR 204.4 million ($54.51 million) for the year-ago period.
The increase in net income was due to higher operating income by 16.2%, which resulted from the rise in the income from investment and financing activities net, other income, gains on non-trading investments, fee and commission, according to a bourse filing on Monday.
Total operating expenses added 19.9% due to the increase in other general and administrative expenses, impairment on investments and financing assets, staff expenses, and depreciation, while rent and premises related expenses have decreased, the statement said.
The bank’s total profit operation income reached SAR 2.59 billion for the year 2016, while net profit of special commission income increased to SAR 1.41 billion in 2016 compared to SAR 1.61 billion the previous year.
Bank Albilad’s 2016 net profits went up 2.45% to SAR 807.7 million from SAR 788.4 million in 2015.
