The National Bank of Saudi Arabia said in a statement published on the “Tadawul” website that the reason for the increase in profits in the current quarter compared to the same quarter of the previous year is due to:
Net profit attributable to equity increased by 12% to 5 billion riyals due to an increase in total operating profit. Total operating income increased by 8% to reach 8.7 billion riyals due to an increase in net income from special commissions / financing and investments due to the increase in profit margin, in addition to the expansion of financing and investment portfolios. The stability of total operating expenses before the net provision for impairment of expected credit losses led to an improvement in the operating expense/revenue ratio. The net provision for impairment of expected credit losses in the current period was 493 million Saudi riyals, compared to 386 million Saudi riyals for the same period of the previous year, an increase of 28% .
The bank’s data showed a rise in total special fee/financing and investment revenue by 58.5% to 11.12 billion riyals, from the 7 billion it recorded in the corresponding quarter of 2022.
Read the Latest World News Today on The Eastern Herald.
