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RIYADH – National Arab Bank (National Arab Bank) reported net profit growth of 19.7% in the second quarter of 2019, on an annualized basis.
According to the bank's financial statements on Tadawul on Thursday, net profit amounted to 894.2 million riyals, compared with 747.2 million riyals in the second quarter of 2018.
The Bank attributed the increase in net income to an increase in total operating income of 5.3%, due to higher net fee and commission income.
The increase in net income is also attributable to the increase in the Bank's share of the profits of badociates and the 1.5% decrease in total operating expenses due to lower fees. lease and construction and the provision for impairment.
On a quarterly basis, the profits of the Arab National Bank increased by 14.8% compared to a profit of 779 million riyals recorded in the previous quarter.
Al Arabi recorded a net profit up 18.5% to 1.673 billion riyals, against 1.412 billion riyals in the same period in 2018.
The bank's profit rose 12.7 percent in the first quarter of 2019 to 920.1 million riyals, compared with 816.5 million riyals in the first quarter of 2018.
The action closed the day down 2.85% to 25.55 riyals.
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