Riyadh - Mubasher: Saudi Hollandi Bank posted a 46.69% year-on-year decline in net profits in the third quarter of 2016 to SAR 262.81 million ($70 million) compared to SAR 493 million ($131.47 million) in Q3-15.
Profits also decreased by 51.31% quarter-on-quarter, according to the bank’s statement to the Saudi Stock Exchange (Tadawul) on Monday.
Net profits decreased due to an increase in total operating expenses by 67.59%, mainly due to a rise in impairment charge for credit losses and impairment charge for available for sale investments, the bank explained.
Total operating income for the third quarter increased by 3.55% mainly due to increase in net special commission income. This increase was partially offset by a decrease in trading income, net fee and commission income and exchange income.
The bank’s profits went down by 13.36% to SAR 1.3 billion in the nine-month period that ended 30 September, compared to SAR 1.57 billion in the same period last year.
