| Reasons of increase (decrease) for quarter compared with same quarter last year |
The Bank recorded net profit for the quarter due to lower total operating expenses which decreased by 48.4%, mainly due to a decrease in Impairment charge for credit losses, general and administrative expenses, rent and premises-related expenses and salaries and employee related expenses, partially offset by an increase in depreciation and amortization. Total operating income increased by 1.7% mainly due to an increase in net special commission income, partially offset by a decrease in gains on non-trading investments, fee and commission income, trading income and exchange income. |
| Reasons of increase (decrease) for period compared with same period last year |
Net profit increased due to lower total operating expenses which decreased by 9.0% mainly due to a decrease in impairment charge for available for sale investments, general and administrative expenses, impairment charge for credit losses and salaries and employee-related expenses, partially offset by an increase in depreciation and amortization. Total operating income increased by 0.7% mainly due to an increase in net special commission income, partially offset by a decrease in fee from banking services, gains on non-trading investments, trading income, exchange income and dividend income. |
| Reason of increase (decrease) for quarter compared with the previous quarter |
Net profit decreased due to higher total operating expenses which increased by 3.5% mainly due to an increase in impairment charge for credit losses, depreciation and amortization and salaries and employee-related expenses, partially offset by a decrease in rent and premises-related expenses and general and administrative expenses. Total operating income decreased by 1.6% mainly due to a decrease in trading income and net special commission income, partially offset by an increase in exchange income and fee and commission income. |
| Reclassifications in quarterly financial results |
Certain prior period figures have been reclassified to conform to the current period's classifications. |
| Other notes |
Gross Special commission income for the year ended December 31, 2017 amounted to SAR 3,903.3 million as compared to SAR 4,082.6 million for the comparative period, showing a decrease of 4.4%. Gross special commission income for the three month period ended December 31, 2017 amounted to SAR 956.8 million as compared to SAR 1,115.1 million for the similar quarter of last year, showing a decrease of 14.2%. Total comprehensive income for the year ended 31 December 2017 stood at SAR 1,307.5 million as compared to SAR 1,143.6 million for the comparative period, showing an increase of 14.3%. Total comprehensive income for the three months period ended 31 December 2017 was SAR 327.1 million as compared to SAR (209.6) million for the comparative period, showing an increase of 256.1% and compared to SAR 363.9 million for the three month period ended September 30, 2017, showing a decrease of 10.1%. Total shareholders' equity (there are no minority rights) as at December 31, 2017 was SAR 13.6 billion compared to SAR 12.7 billion for the comparative period, showing an increase of 7.4%. |
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