Riyadh, Saudi Arabia — The Saudi Exchange Monday witnessed a negotiated deal worth SAR 100.2 million ($26.66 million) on Saudi Awwal Bank (SAB).
A negotiated deal involves a stock purchase based on a bargain between buyers and sellers, apart from the market price, Argaam reported.
The negotiated deal shall be conducted under the controls of Tadawul and Capital Market relevant laws and regulations.
The negotiated deal does not directly impact the last deal price, highest/lowest stock price, opening/closing price, or market/sector indices.
Saudi Awwal Bank reported a net profit of SAR 3.314 billion ($883 million) for the first half of 2023, a 58.87 percent increase over the same period last year.
In a Tadawul disclosure, the bank said the net profit was higher by SAR 1.228 billion largely due to higher total operating income. This was offset by an increase in provision for Zakat and income tax including previous years Zakat provisions, total operating expenses, and provision for expected credit losses, the bank said.
Total operating income increased mainly due to an increase in net special commission income (up 61.59 percent), income from FVSI financial instruments, exchange income and net fee and commission income. This was partially offset by an increase in net losses on non-FVSI investment and decreased in other operating income.
The bank’s second quarter profit was SAR 1.55 billion in Q2 2023, a rise of 43 percent from SAR 1.08 billion in Q2 2022, backed by higher total operating income.