The profits of Arab National Bank decreased by 17.4% to reach 643.8 million riyals in the first quarter of 2020, compared to 779 million riyals in the first quarter of 2019.
According to Arabia Net, the value of the net special commission income / financing and investments in the bank in the first quarter amounted to 1.3 billion riyals, compared to 1.36 billion riyals in the corresponding period of last year , Down 5.4%.
The bank said that the decrease in profits is due to a decrease in total operating income by 8.8%, mainly due to a decrease in unrealized gains from financial instruments carried at fair value through profit and loss , Net of special commission income and dividend income, offset by an increase in net fee income and commission income, net foreign exchange conversion, net trading income, gains from selling financial assets (debt securities) listed at fair value through other comprehensive income, and other operating income. >
The bank stated that total operating expenses increased by 2.5%, mainly due to the increase in the provision for credit losses, other general and administrative expenses are offset by a decrease in rental expenses, buildings, salary expenses Wages, amortization expenses, and impairment of other financial assets.
