Riyadh – Mubasher: Alawwal Bank on Thursday announced that its profits slid 40.4% year-on-year in the second quarter of 2017.
Quarter-on-quarter, profits shed 0.62%, according to a bourse filing.
The bank's profits reached SAR 322 million in Q2-17, compared to SAR 540 million in Q2-16.
The Tadawul-listed bank attributed the decrease in profits to higher operating expenses.
The bank’s profits tumbled 38.5% reaching SAR 646 million in the first six months of 2017, from SAR 1.05 billion in H1-16.
The stock inched up 0.16% closed at SAR 12.60 on Thursday.
