The net profit of the Arab National Bank decreased by 0.6%, after zakat and taxes, in the third quarter of questyear at 665 million riyals, compared to 669 million riyals in the same quarter of 2020.
On a quarterly basis, Arab Bank’s net profit increased by 40.59%, compared to a net profit of approximately 473 million riyals in the second quarter of 2021.
The bank said in a statement, today, Monday, that the decrease in the bank’s net profit in the third quarter of 2021, on an annual basis, is due to an increase in salaries and personnel expenses and other general and administrative expenses, offset by a decrease of the provision for bad debts, commission income and an increase in net own commissions, capital gains from the sale of bills.
During the first nine months of questyear, the bank’s net profit decreased by 4.3% to 1.720 billion riyals, compared to 1.798 billion riyals in the same period in 2020.
The net profit of the Arab National Bank, after zakat and taxes, decreased by 6.64% during the first half of questyear, at 1.05 billion riyals, compared to around 1.13 billion riyals in the first half of 2020.
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