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Alawwal Bank Q1 profit slides 12%

Alawwal Bank Q1 profit slides 12%
Net profits amounted to SAR 286.1 million in Q1-18
Alawwal Bank
1040
1.45% 19.58 0.28

Riyadh – Mubasher: Saudi Arabia-based Alawwal Bank on Tuesday posted an 11.7% year-on-year drop in its profits for the first quarter of 2018.

The lender's net profits amounted to SAR 286.1 million in Q1-18, compared to SAR 324 million in Q1-17, according to the bank’s filing to the Saudi Stock Exchange (Tadawul).

The Tadawul-listed bank attributed the drop in profits to lower operating expenses driven by lower impairment charge for credit losses, partially offset by higher depreciation from investments in the retail network.

“We’ve continued to improve the core engine of the bank, strengthening our capital, liquidity position and asset quality. This is still a challenging market for banks but we have invested in some key areas and are well placed to capitalise on the growth opportunities ahead,” Soren Nikolajsen, Alawwal bank’s managing director, commented.

Alawwal Bank's total operating income stood at SAR 860 million in the three-month period ended March 2018, while operating expenses fell by 3.8% compared to the comparative period of 2017, the filing showed.