| Element List |
Explanation |
| Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year |
Net income has increased by 7% due to an increase in operating income by 8%. This is mainly attributable to an increase in net special commission income, net exchange income, net banking fee and gain on non-trading investments. On the other hand operating expenses increased by 8% mainly due to increase in depreciation and amortization expenses, salaries and employee-related expenses, net impairment charge for credit losses and other general and administrative expenses against a decrease in rent and premises related expenses. |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter |
Net income has increased by 7% mainly due to an increase in operating income by 2%. This increase is mainly due to an increase in net banking fees, net gain on Financial instruments at fair value through income statement, net exchange income, net special commission income and gain on non-trading investments against a decrease in other operating income. For operating expenses there is a decrease by 1%. This is mainly attributable to decrease in rent and premises related expenses, other general and administrative expenses and net impairment charge for credit losses against an increase in depreciation and amortization expenses and salaries and employee-related expenses. |
| 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 to 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 263.3 million with the weighted average number of shares amounting to 820,000,000 shares. Further the EPS for comparative period has been re-calculated by dividing the comparative period net profit of SR 245.3 million with the revised weighted average number of shares amounting to 567,547,309 shares. |
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