Riyadh – Mubasher: Arab National Bank on Thursday posted a 15% year-on-year profit hike during the third quarter of 2018, logging SAR 890.1 million ($237.30 million), compared to SAR 775.5 million ($ 206.75 million).

The Saudi lender attributed the third-quarter profit growth to a 0.4% rise in total operating income, coupled with 12% decrease in operating expenses, according to a statement to the Saudi Stock Exchange (Tadawul).

Total revenues for special commissions and investments surged 19.4% to SAR 1.77 billion during Q3-18, from SAR 1.48 billion in the same period a year earlier.

The value of net income for special commissions and investments jumped 11.7% year-on-year to SAR 1.32 billion in Q3-18, compared to SAR 1.18 billion.

Quarter-on-quarter, the bank's profit went down 3.1% during the three-month period ended September, from SAR 919.1 million.

During the first nine months of 2018, Arab National Bank’s profit increased by 9.7% year-on-year to SAR 2.62 billion, from SAR 2.39 billion.

The Saudi lender attributed the growth of the nine-month profit to a 1.5% rise in operating income, along with a 7.7% drop in operating expenses.

The value of total revenues for special commissions and investments grew 9.4%, reaching SAR 4.95 billion from January to September, compared to SAR 4.52 billion in the corresponding period in the year before.

Year-on-year, net income for special commissions and investments went up 9.2% to SAR 3.78 billion by the end of September, from SAR 3.46 billion.

Earnings per share (EPS) amounted to SAR 2.63 billion, up from SAR 2.39.

“Certain comparative figures were reclassified to conform to the current period presentation,” the bourse’s statement added.

Arab National Bank’s stock rose 2.25% to close Wednesday’s trading session at SAR 31.80.