Riyadh – Mubasher: Alawwal Bank on Monday reported a 21.27% decline in net profits for the second quarter of 2018, compared to the year-ago period.

The bank logged a net profit of SAR 253.6 million during Q2-18, down from SAR 322.1 million in Q2-17, according to a bourse statement.

Quarter-on-quarter, Alawwal Bank's profits levelled down 11.36% during the period between April and June, from SAR 286.1 million.

The Saudi lender attributed the second-quarter profit decrease to a 5.4% drop in operating income due to lower net special commission income.

The Tadawul-listed bank’s gross special commission income fell 7% to SAR 906.3 million in the three-month period ended June, compared to SAR 974 million during the same three months a year ago.

Alawwal Bank’s profits hit SAR 539.6 million during the first six months of 2018, down from SAR 646 million in H1-17.

The decrease in H1-18 profits occurred was attributed to a 5.9% drop in operating income.

The value of gross special commission tumbled 8.3% to SAR 1.81 billion during H1-18, from SAR 1.96 billion in the same period a year earlier.

 Alawwal Bank’s stock went down 0.27% to finish Monday at SAR 14.90.