According to the bank’s statement to the Saudi market (Tadawul) today, last year’s profits amounted to 10.16 billion riyals, compared to 2018’s profits of 3.77 billion riyals.
The bank said that the increase in profits is due to an increase in total operating income of 12.5%, due to the increase in net income from private commissions, income from bank transaction fees, and income from transferring Foreign currencies, as well as income from other operations.
Zakat expenses decreased compared to the previous year by about 81.7%, as the year 2018 includes the amounts of settlement of Zakat for the previous years until 2017.
In contrast, total operating expenses increased by 13.6%, mainly due to the increase in general and other administrative and depreciation expenses, as well as an increase in the provision for credit losses from 1,531 million riyals to 1,772 Million riyals, or 15.7%, offset by a decrease in employee salaries and benefits.
