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Saudi Arab National Bank logs SAR 816.5m profit in Q1

Saudi Arab National Bank logs SAR 816.5m profit in Q1
The bank attributed the rise in its first-quarter profit to a 3.6% growth in total operating income
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Riyadh – Mubasher: Saudi Arabia-based Arab National Bank on Thursday reported a 6.32% year-on-year growth in net profits for the first quarter of 2018.

The Saudi lender generated a net profit of SAR 816.5 million during the three-month period ended March 2018, compared to SAR 768 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The Tadawul-listed bank attributed the rise in its first-quarter profit to a 3.6% growth in total operating income due to an increase in net special commissions’ income and dividends’ income.

Saudi Arabia's seventh-largest lender by assets noted that “total operating expenses decreased by 1.4% resulting mainly from the decrease in impairment charges for credit losses and other financial assets, rent and premises related expenses, and depreciation expenses.” 

Shareholders’ equity, excluding the minority interest, levelled up 4.9% to SAR 244.66 million in Q1-18, up SAR 233.19 million in the comparative period of 2017, the bank further added.

Quarter-on-quarter, Arab National Bank’s profits increased 28.7% from SAR 634.4 million during Q4-17.

The stock fell 3.13% to close Wednesday session at SAR 29.45.