According to ArabiaNet, the bank’s annual profits decreased by 58.5% to 239 million riyals, compared to a profit of 576 million riyals in 2018.
According to the company’s statement through Tadawul, the reason for the decrease in net profit is 58.5% mainly due to the increase in total operating expenses, due to the increase in provisions for credit losses and other losses, salaries and expenses of employees, amortization and amortization, and other general and administrative expenses, offset by a decrease in rent and building expenses , Zakat provision and income tax.
Total operating income increased by 3.9%, mainly due to the increase in bank service fee income, foreign exchange earnings, fair value through profits and losses, gains from debt securities and their fair value through other items of comprehensive income, and other operations income, offset Decrease in special commission income, and dividends.
