Saudi National Commercial Bank's profits increased by 23.79% to reach 3.15 billion riyals in the third quarter of 2020, compared to 2.55 billion riyals in the corresponding period last year. < / p>
According to Arabiya Net, profits jumped by 51%, compared to those achieved in the previous quarter, which were 2.08 billion riyals.
During the first nine months of 2020, the bank achieved a growth in its profits by 0.8%, to 8.08 billion riyals, compared to 8.01 billion riyals in the corresponding period of 2019.
The bank attributed its quarterly profit growth to a 23.8% increase in net income, with an increase in total operating income and a decrease in operating expenses, including credit losses, partially offset by a rise in non-operating expenses .
and total operating income increased by 12.8% due to an increase in net special commission income and investment income * and an increase in banking fee income, bank commission transfer income partially offset by a rise In the expenses of other operations.
and the bank stated that the total operating expenses, including credit losses, decreased by 9.8% due to the decrease in rents and building expenses and a decrease in the net provision for decline in expected credit losses, partially offset by a rise In personnel salaries and expenses, depreciation / amortization of property, equipment, programs, right to use assets and other general and administrative expenses.
