Wednesday 26, April 2017 by William Mullally

Alawwal Bank announces Q1 results

Alawwal Bank announced a net profit of SAR 323.95 for Q1 2017, a more than 36 per cent decrease from this quarter last year. Total assets sat at SAR 100 billion, a decrease in 7.5 per cent from this point last year.

Alawwal Bank announced a net profit of SAR 323.95 for Q1 2017, a more than 36 per cent decrease from this quarter last year. Total assets sat at SAR 100 billion, a decrease in 7.5 per cent from this point last year.

“Net profit decreased due to higher total operating expenses. Total operating expenses increased by 48.83 per cent mainly due to increase in impairment charge for credit losses and rent and premises related expenses. This increase was partially offset by decrease in salaries and employee related expenses,” said a statement.

“Total operating income increased by 0.44 per cent mainly due to increase in net special commission income and gain on non-trading investments. This increase was offset by a decrease in trading income, fee and commission income and exchange income.”

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