According to the results of the bank for the Saudi market (Tadawul) yesterday, Tuesday, the profits for the period amounted to 150.7 million riyals, compared to the profits for the first quarter of 2019 of 281.4 million riyals. p>
The bank said in a statement to the Stock Exchange that the decline in results during the comparison periods is due to the increase in total operating expenses.
He explained that the increase in those expenses is a result of the increase in provisions for credit losses and other losses, salaries and expenses of employees, rent and building expenses, consumption and amortization, and other general and administrative expenses, offset. Decrease in zakat provision and income tax.
The bank indicated that total operating income increased by 2.2% as a result of the increase in net special commission income, foreign exchange earnings, dividends, and gains from listed and debt securities At their fair value through other comprehensive income items, there is a corresponding decrease in banking service fee income, fair value through profit and loss, and other operating income.
