With profits of more than 1. 258 billion riyals, Bank of Balad Bank’s total assets climbed to 1. 542 billion riyals at the conclusion of the first nine months of 2022, a 23% rise over the same time in 2021.
At the end of the third quarter of this year, the Saudi Bank had earnings of 540. 6 million riyals, up 20. 2% from the same quarter last year when the bank had profits of 449.7 million riyals.
The bank stated today, Tuesday, in a statement on “Saudi Arabia’s circulation,” that the reason for the increase in profits during the first nine months of this year, compared to the similar period in the previous year, is due to the increase in operations by 12%, as this is due to the increase in the net income Among the investment and financing assets, the income of other operations, the gains of transferring foreign currencies, and net gains from investments and profits.
Because of the rise in other public and administrative expenses, payroll expenses, and similar costs, as well as consumption and extinguishing, the overall operating expenses grew by 8% before allotted credit and other losses.
The bank attributed the increase in profits during the third quarter of 2022 compared to the same quarter of 2021 to an increase in the total income of operations by 13%, as a result of the rise in net income from investment and financing assets, income from other operations, gains from transferring foreign currencies, and net gains from investments. It was offset by a decrease in commissions, fees, and profit distributions.
On the other hand, as a result of an increase in other public and administrative expenses, payroll expenses, and the like, as well as consumption and extinguishing, total operating expenses climbed by 11% before allocated credit and other losses.
The bank reported that the shareholders’ rights (no minority rights) totaled 13034. 7 million riyals at the end of the period, up from 11867. 6 million riyals at the end of the same period the year prior.
For the nine months ending September 30, 2022, there would be a net provision for projected credit losses of around 412 million riyals, down from 448.3 million riyals during the same period last year, an 8.1% decline.
A net dedicated to expected credit losses for the three -month period ended on September 30, 2022, about 132. 1 million Saudi riyals, compared to 142. 5 million riyals for the past quarter ending on June 30, 2022, with a decrease of 7. 3%.
The weighted average of the number of existing shares, after the exclusion of the treasury shares, which is 996 million shares, was used to calculate the stock profitability for the periods ending on September 30, 2022, and September 30, 2021 in order to retroactively reflect the impact of the change in the number of shares as a result of issuing the grant shares.
In the third quarter of 2022, the Saudi Bank of Saudi Arabia’s profits rose by 20% to 540.6 million riyals.
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