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29 March 2024

Riyad Bank Q1 profit up 55%

Riyad Bank Q1 profit up 55%. (SUPPLIED)

Published
By Reuters

Riyad Bank, Saudi Arabia's third-largest lender by market value, posted a 55 per cent increase in first-quarter net profit, helped by lower operating costs and higher income from banking services.

Net profit increased to SR684 million (Dh670m, $182.4m) in the quarter, up from SR441m in the year-earlier period, according to a bourse statement yesterday.

Four banks surveyed by Reuters had on average expected net profit of SR794.25m.

"A good rise in income from banking services in addition to cut in operating costs contributed to the profit gain," the bank said, without giving details.

Operating income climbed 0.7 per cent to SR1.469 billion in the quarter, while net special fee income was up 8.9 per cent at SR1.012bn, Riyad Bank said.

Deposits jumped 7.5 per cent to SR128.1bn at the end of March, while the loan book rose by 6.1 per cent to SR106.3bn, the bank said.

Assets rose by 4.2 per cent to SR174.3bn at the end of March.

The bank made no mention of provisions during the quarter after booking provisions worth SR736.4m in 2009, up from SR523.2m in the previous year.

The company's earnings per share increased to SR0.46 in the quarter from SR0.29 a year earlier.