Element List |
Explanation |
Increase (Decrease) in Net Profit for Current Quarter Compared to Same Quarter Last Year is Attributed to |
Net income after zakat was marginally lower as compared to Q1 2019. The total operating income increased by 11.8%, mainly driven by higher net special commission income, exchange income, net, fee and commission income, net and gains on disposals of non-trading investments, net. The total operating expenses were higher by 17.2%, mainly due to higher impairment charge for credit losses and other financial assets, net and salaries and employee related costs. |
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to |
Net income after zakat increased because of higher total operating income by 6.7% mainly due to increase in fee and commission income, net, trading gains, net and gains on disposals of non-trading investments, net. and lower total operating expenses by 16.1 % mainly due to decrease in other general and administrative expenses, impairment charge for credit losses and other financial assets, net and other operating expenses. |
Basis of the External Auditor's Opinion |
Unmodified opinion |
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion |
None |
Reclassification of Comparison Items |
Starting from the quarter ended 30 June 2019, Zakat is to be accrued at end of each financial reporting period and recognized in consolidated statement of income with a corresponding liability recognized in the consolidated statement of financial position in accordance with International Financial Reporting Standard (IFRS) and other standards and pronouncements endorsed by SOCPA. In addition to the above, some items have been re-classified. |
Additional Information |
Impairment charge for credit losses and other financial assets, net for the three months period ended 31 March 2020 was SAR 308 million, as compared to SAR 211 million in the corresponding period of last year. |
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