Operating profit increases 15% in the second quarter

Al Anma Bank's profits increased by 14.65% in the second quarter of 2019 compared to the same quarter of 2018, and profits increased by nearly 12% in six months.

Preliminary bank data on Tadawul showed Sunday that net profit reached 1.08 billion riyals, up from 942 million riyals in the second quarter of last year.

The increase in net income is attributable to the increase in gross operating income, due to higher revenue from financing activities and investments, as well as higher investment income at fair value, which has partially offset lower bank charges and dividend income.

On the other hand, lower provisions for credit losses and lease expense offset the increase in depreciation and general and administrative expenses.

In the first half of 2019, profits of Al-Enma Bank reached 1.31 billion riyals, against 1.17 billion riyals for the same period in 2018.

The bank recorded net income growth of 709 million riyals in the first quarter of 2019, up 21.8 percent to 21.8 percent from 582 million riyals in the same quarter of 2018.

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