Net profit of Saudi National Bank in the third quarter was 4.7259 billion riyals ($1.26 billion), up from 398 billion riyals in the same period last year. And the net profit in the third quarter was less than the expectations of EFG Hermes, which estimated that it would rise to 5.25 billion riyals.
The bank said operating income rose 7.3 percent to 8.45 billion riyals, up from 7.88 billion riyals a year ago.
The net provisions for impairment of the expected value of credit losses fell to 1.52 billion riyals, less than half their value a year ago, which amounted to 3.43 billion riyals.
The bank said, “Total operating expenses, including credit losses, decreased by 11.5 percent, due to a decrease in employee expenses, amortization of intangible assets, other general and administrative expenses, and the net provision for the decrease in expected credit losses.”
Earnings per share amounted to 3.02 riyals, up from 2.35 riyals.
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