The financial statements of the National Commercial Bank of Saudi Arabia showed an increase in the profits of the bank in the first quarter of this year by 2.1% on an annual basis.
According to the results of the bank for the Saudi market (Tadawul) today, Sunday, the profits for the period amounted to 2.834 billion riyals, compared to profits of 2.776 billion riyals for the first quarter of 2019. p>
The bank said in a statement to the stock exchange that the increase in profits during the comparison periods is due to a rise in total operating income and a decrease in Zakat and income tax expense.
The bank explained that the total operating income increased 7.2% as a result of a rise in the net of special commission income, investment income, income from banking services fees, and foreign exchange income, and in return, expenses increased Other operations.
He also pointed to an increase in total operating expenses, including provisions, by 18.5%, and the bank attributed this to the net provision for decrease in expected credit losses, other general and administrative expenses and amortization / amortization of property , Equipment, software, and right to use the assets, as well as salary and employee expenses, which are partly offset by a decrease in rents and building expenses.
