| Reasons of increase (decrease) for quarter compared with same quarter last year |
Net profit for the quarter decreased mainly due to lower total operating income which decreased by 5.4% mainly due to decrease in net special commission income, fee and commission income, gains on non-trading investments, exchange income and trading income, partially offset by an increase in unrealized gain on fair value through profit and loss (FVTPL) financial instruments. Total operating expenses increased by 3.1%, mainly due to increase in impairment charge for credit and other losses and depreciation and amortization, partially offset by a decrease in salaries and employee-related expenses, rent and premises-related expenses, general and administrative expenses and an increase in Impairment reversal for other financial assets. |
| Reasons of increase (decrease) for period compared with same period last year |
Net profit for the period decreased mainly due to lower total operating income, which decreased by 5.9% mainly due to decrease in fee and commission income, gains on non trading investment, trading income, net special commission income and exchange income, partially offset by an increase in unrealized gain on FVTPL financial instruments. Total operating expenses decreased by 0.3%, mainly due to decrease in general and administrative expenses, rent and premises-related expenses, salaries and employee-related expenses and an increase in impairment reversal for other financial assets, partially offset by an increase in depreciation and amortization and Impairment charge for credit and other losses. |
| Reason of increase (decrease) for quarter compared with the previous quarter |
Net profit for the quarter decreased mainly due to higher total operating expenses, which increased by 8.4% mainly due to increase in Impairment charge for credit and other losses and decrease in impairment reversal for other financial assets, partially offset by a decrease in rent and premises-related expenses, salaries and employee-related expenses, general and administrative expenses and depreciation and amortization. Total operating income increased by 2.0% mainly due to an increase in fee and commission income, unrealized gain on FVTPL financial instruments and exchange income, partially offset by a decrease in trading income and net special commission income. |
| Reclassifications in quarterly financial results |
None |
| Other notes |
Gross Special commission income for the period ended June 30, 2018 amounted to SAR 1,805.0 million as compared to SAR 1,968.8 million for the comparative period, showing a decrease of 8.3%. Gross Special commission income for the three month period ended June 30, 2018 amounted to SAR 906.3 million as compared to SAR 974.0 million for the corresponding period of last year showing a decrease of 7.0% and compared to SAR 898.8 million for the last quarter, showing an increase of 0.8%. Total comprehensive income for the six month period ended 30 June 2018 amounts to SAR 539.3 million as compared to SAR 616.5 million for the comparative period, showing a decrease of 12.5%. Total comprehensive income for the three month period ended 30 June 2018 stood at SAR 254.0 million as compared to SAR 323.3 million for the corresponding period of previous year and SAR 285.3 million for the previous quarter, showing a decrease of 21.4% and 11.0% respectively. Total shareholders' equity (there are no minority rights) as at June 30, 2018 was SAR 13.5 billion compared to SAR 13.0 billion as at 30 June 2017, showing an increase of 3.7%. The external auditors have reviewed the financial statements and plan to issue an unmodified report. |
Comments