Al-Ahly of Saudi Arabia increases its quarterly profits by 20%

The National Bank of Saudi Arabia achieved a 19.85% increase in profits for the third quarter of this year, as the bank's net profit amounted to 3.785 billion riyals, compared to 3.158 billion riyals during the same period. period last year.

The bank said in a statement that after the bank's merger with Samba Financial Group as of April 1, 2021, the net income attributable to shareholders' equity increased by 19.9%, mainly due to The increase in total operating income, which was offset by an increase in operating expenses, including credit losses attributed to the merger.

Total operating income increased by 38.4%, mainly due to higher net special commission income, income from banking services fees and foreign currency conversion income, partially offset by a rise in Other operating expenses. Also, total operating expenses, including credit losses, increased by 72.2%, due to an increase in the net impairment allowance for expected credit losses, other general and administrative expenses, salaries and employee expenses, rent and building expenses, and depreciation/amortization of property, equipment, software, and right-of-use assets.

During the first nine months of this year, the net profit amounted to 9.311 billion riyals, compared to 8.08 billion riyals during the same period last year, with a growth rate of 15.23%.

Revenues increased by 26.33% to 18.486 billion riyals, compared to 14.633 billion riyals during the same period last year.

The bank said that the net impairment provision for expected credit losses during the current quarter amounted to 725 million Saudi riyals, compared to 379 million Saudi riyals for the same period of the previous year, an increase of 91.3%, And compared to 2,408 million Saudi riyals for the previous quarter of this year, a decrease of 69.9%.