Riyadh - Mubasher: Riyad Bank reported a decline in net profits for the first quarter of 2017 by 10.82% year-on-year, according to a bourse filing.
The banks said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday that profits totalled SAR 1.047 billion in Q1-17 compared to SAR 1.174 billion in the same period last year.
On the other hand, profits grew 257.3% quarter-on-quarter, as profits totalled SAR 293 million in the last quarter of 2016.
The decline in profits is attributed to higher total operating expenses, which went up by 15.6%, mainly due to the increase in impairment charge for credit losses, as per the statement.
The total operating income saw a marginal rise of 0.3% mainly due to the increase in net special commission income and gains on non-trading investments, offset by decrease in other operating income and exchange income.
On the other hand, the bank said that the quarter-on-quarter growth profits is because of lower total operating expenses by 38.7% as a result of the drop in impairment charge for credit losses and other general and administrative expenses.
