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Post : Saudi Investment Bank announces its Interim Financial Results for the Period Ending on 2021-03-31 ( Three Months )
URL : https://middle-east.timesofnews.com/business-economy/saudi-investment-bank-announces-its-interim-financial-results-for-the-period-ending-on-2021-03-31-three-months.html
Posted : May 5, 2021 at 1:10 am
Author : Times of News
Tags : Business
Categories : Business & Economy

Net profit increased by 41% primarily due to a decrease in total operating expenses which was due to a decrease in provisions for credit and other losses, other general and administrative expenses, salaries and employee-related expenses, rent and premises related expenses, and depreciation and amortization, which was offset by an increase in provisions for Zakat and Income Tax.

Total operating income decreased by 12% primarily due to a decrease in net special commission income, fair value through profit and loss, gains on disposals of FVOCI debt securities, and exchange income, which was offset by an increase in fee income from banking services, and other income.

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