The reason of the increase (decrease) in special commission income during the current quarter compared to the same quarter of the last year is | Net financing and investment income Increased by 10.2% caused by an increase in gross financing and investment income, while there was an increase in gross financing and investment return. |
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net income increased due to an increase in total operating income by 6.6% caused by an increase in net financing and investment income and other operating income, while there was a decreased in fees from banking services and exchange income. In contrast, the total operating expenses including impairment charges for financing increased by 7.2% due to an increase in depreciation expense and salaries and employees’ related benefits, while there was a decrease in other general and administrative expenses. In addition, there was an increase in impairment charge for financing from SAR 359 million to SAR 421 million by 17.3%. |
The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the same quarter of the last year is | The increase in the net provision for expected credit losses is attributed to the increase in gross charge by 1.8% coupled with a reduction in recoveries from written off financing by 12.6% compared to the same quarter of the last year. |
The reason of the increase (decrease) in special commission income during the current quarter compared to the previous quarter is | Net financing and investment income Increased by 1.8% caused by an increase in gross financing and investment income, while there was an increase in gross financing and investment return. |
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter is | Net income increased due to an increase in total operating income by 2.5% caused by an increase in net financing and investment income, other operating income and fees from banking services, while there was a decrease in exchange income. In contrast, the total operating expenses including impairment charges for financing decreased by 3.7% due to a decrease in other general and administrative expenses, while there was an increase in salaries and employees’ related benefits and depreciation expense. In addition, there was an increase in impairment charge for financing from SAR 406 million to SAR 421 million by 3.8%. |
The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the previous quarter is | The increase in the net provision for expected credit losses is attributed to the reduction in recoveries from written off financing by 33.9% while gross charge decreased by 17.3% compared to last quarter. |
Statement of the type of external auditor's report | Unmodified Conclusion |
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N/A |
Reclassification of Comparison Items | Some items have been re-classified |
Additional Information | - |