Alawwal Bank has announced its financial results for the third quarter of 2018, reporting a net income of SR281 million, up 10.8 percent versus Q2 2018, attributable to higher operating income and lower total operating expenses.
The total operating income for the quarter increased by 1 percent to SR886 million. The net special commission income also increased 3.5 percent from Q2 to SR692 million.
The total operating expenses were down by 3 percent quarter-on-quarter, mainly driven by a 12.7 percent reduction in impairment charge for credit and other losses.
Alawwal Bank’s capital position has continued to strengthen. Total capital adequacy ratio reached record levels in Q3, increasing 44 basis points from Q2 to 22.8 percent. The tier-1 capital was
also up 43 basis points from
Q2 to 18.4 percent.
