According to the results of the bank for the Saudi market (Tadawul) today, Wednesday, the net profit for the period amounted to 2.38 billion riyals, compared to the profits for the first quarter of last year amounting to 2.57 billion riyals. < / p>
The bank said in a statement to the stock exchange that the decline in profits during the comparison periods is due to a rise in the total expenses of operations by 29% due to the rise in items of salaries and employee benefits, consumption expenses and other general and administrative expenses .
The bank also indicated an increase in the provision for credit losses during the comparative periods from 389 million riyals to 693 million riyals, an increase of 78%.
In contrast, the operating income increased by 7%; As a result of the increase in net income from private commissions, income from banking services fees and foreign exchange earnings, this was offset by a decrease in income from other operations.
