Net profit for last year reached SAR 1.24 billion, compared with SAR 612.7 million for 2018, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.
The bank attributed the surge in profits to a 15.5% increase in total operating income, due to the increase in net income from investment and financing activities, as well as gains from investments, dividends and other sources.
Moreover, Zakat expense decreased by 71.3% on an annual basis, as 2018 included the settlement of zakat claims for the prior 12 years.
On the other hand, fee and commission income and net exchange income decreased, while operating expenses increased by 11%.
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