Riyadh – Mubasher: Bank Albilad on Sunday posted a 2% year-on-year rise and an 8.95% quarter-on-quarter decline for the fourth quarter of 2017.

Net profit stood at SAR 225.9 million in Q4-17, up from SAR 221.5 million in the same period a year earlier, the bank said in a filing to the Saudi Stock Exchange (Tadawul).

The Saudi Arabia-based lender attributed the hike in Q4-17 profits to the increase in total operating income by 15%, as net income from investment and financing activities rose, in addition to the rise in fee and commission net income, exchange income, and dividend income.

Moreover, total operating expenses surged by 22% due to the increase in the impairment for financing, staff expenses, rent and premises related expenses.

Meanwhile, net profit jumped by 16.63% to SAR 942 million in 2017, compared to SAR 807.7 million the previous year.

By the end of Thursday’s trading session, the stock of the fully-fledged Islamic bank slid 0.84% to SAR 21.34.