| Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year |
Net income has increased by 12% mainly due to reduction in operating expenses by 4%. This is mainly attributable to a decrease in net impairment charge for credit losses against an increase in salaries and employee-related expenses, other general and administrative expenses, other operating expenses, rent and premises related expenses and depreciation and amortization expenses. Also operating income has increased by 1% mainly due to increase in net special commission income and net exchange income against a decrease in net trading income and net banking fee. |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter |
Net income has increased by 1% mainly due to reduction in operating expenses by 2%. This is mainly attributable to decrease in net impairment charge for credit losses and other general and administrative expenses against an increase in salaries and employee-related expenses and other operating expenses. For operating income there is a decrease of 1% mainly due to decrease in net banking fees and net trading income against an increase in net exchange income. |
| Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year |
Net income has increased by 14% due to an increase in operating Income by 5%. The increase in operating income is mainly attributable to an increase in net special commission income, net exchange income and other operating income against a decrease in net banking fees and net trading income. For operating expenses there is a slight increase of 0.1% mainly due to increase in other general and administrative expenses, salaries and employee-related expenses, other operating expenses and depreciation and amortization expenses against a decrease in net impairment charge for credit losses. |
| Type of the external auditor's opinion |
Unmodified opinion |
| External auditor's report containing reservation |
None |
| Reclassifications in quarter financial result |
Some items have been re-classified to conform current period presentation. |
| Additional Information |
1- For calculating earnings per share, weighted average number of ordinary shares have been adjusted to reflect the increase in the Bank capital from 520 million shares to 820 million shares through a right issue at SR 10 per share as approved in the Extra Ordinary General Assembly meeting held on March 19, 2018. Further, comparative periods earnings per share have also been recalculated to reflect the increase in the weighted average number of ordinary shares due to bonus element included in the Right Issue. The EPS for the current period has been calculated by dividing the current period net profit of SR 753.8 million with the weighted average number of shares amounting to 732,420,228 shares. Further the EPS for comparative period has been re-calculated by dividing the comparative period net profit of SR 663.8 million with the revised weighted average number of shares amounting to 567,547,309 shares. |
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