Element List |
Explanation |
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year |
Net income increased due to an increase in total operation income by 12% caused by an increase in net special commission income and fees from banking services. In opposite, there was a decrease in net exchange income and other operating income. Whereas the total operating expense decreased by 0.3% due to the reduce in impairment charge for financing by 61,014 million and by percentage 13.5%, along with the decrease in rent expenses. On the other hand, there is an increase in depreciation expense, general & other administrative expenses, and salaries & employees related benefits expenses. |
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter |
Net income has increased due to the increase in total operation income by 3% caused by an increase in net special commission income, and fees from banking services, while the net exchange income and other operating income has decreased. In the other hand, total operating expense increased by 1.2%, mainly caused by increased in depreciation expenses, impairment charge for financing by 59,383 million, 18%, and salaries & employees related benefits expenses. Whereas, there was a decrease in rent expenses and general & other administrative expenses. |
Type of the external auditor's opinion |
Unmodified opinion |
Reclassifications in quarter financial result |
Some items have been re-classified |
Additional Information |
The authorized issued and fully paid share capital of the Bank consists of 1,625 million shares of SAR 10 each as of 31st March 2019 (31 December 2018: 1,625 million shares). Furthermore, on the 4th of April 2019, the bank’s extraordinary general assembly approved a capital increase from SAR 16,250 million to SAR 25,000 million through stocks dividends (7 shares for every 13 shares owned). The amount of Capital increase will be transferred from retained earnings. |
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