Al Bilad Saudi Bank announced a quarterly profit of 316.5 million riyals, compared to profits of 256.1 million riyals in the first quarter of 2018, an increase of 23.6%. < / p>
The bank said in a statement to the Saudi market today, Monday, that the profit growth is due to the increase in net income as a result of the increase in total operating income by 16.5%, as a result of the increase in net income from Investment and financing assets.
He added that the net fee and commission income and net gains from investments and income from other operations also increased during the comparative periods in addition to the dividend distribution, which was offset by a decrease in net gains in foreign currency translation. / p>
On the other hand, the bank said that the total operating expenses increased during the period by 13.1%, as a result of the increase in depreciation and the provision for lower financing and other financial assets, salary expenses, etc. Its ruling and other general and administrative expenses, offset by a decrease in rental expenses.
The bank’s profits increased 18% in the past year, to reach 1.11 billion riyals, compared to 942 million riyals in 2017.
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