First Saudi Bank announced a growth in net profits by 21.5 percent during the third quarter to 1.83 billion riyals (about 488 million dollars), compared to 1.5 billion riyals it had recorded in the same quarter of last year.
The bank said in a statement on the Saudi Stock Exchange Tadawul website that the total profit from operations in the third quarter amounted to 3.25 billion riyals, compared to 2.61 billion riyals in the same quarter of the previous year, an increase of 24.2 percent.
First Saudi Bank's net profit also increased by 18 percent compared to the second quarter of 2023.
The statement showed that Alawwal Bank's net profit during the 9-month period amounted to 5.14 billion riyals (about 1.4 billion dollars), compared to 3.59 billion riyals in the same period of the previous year, a growth of 43 percent.
Earnings per share in the current period reached 2.5 riyals, compared to 1.75 riyals in the same period last year.
The bank attributed the increase in net profits in the third quarter on an annual basis to:
1- Net income increased by approximately 324 million riyals, mainly due to an increase in total operating income. This was partially offset by an increase in total operating expenses, the provision for expected credit losses, and the provision for zakat and income tax.
2- The reason for the increase in total operating income is due to the increase in net special commission income, net fees and commission income, and currency exchange income. This was partially offset by a decrease in net (expenses)/income from other operations, and a decrease in income from financial instruments carried at fair value through the income statement.
3- Total operating expenses increased, mainly due to an increase in depreciation and amortization expenses, employee salaries and expenses, in addition to general and administrative expenses.
