Riyad Bank’s second-quarter operating income was lifted by a one-off capital gain of SAR 267 million which resulted from a land sale, market data compiled by Argaam Research showed.

 

Total gains generated from land sales during the quarter amounted to SAR 348 million.

 

Excluding these gains, net income would have dropped to SAR 861 million for the period, which would have been the bank’s lowest quarterly earnings since 2012.

 

The company reported a Q2-2015 net profit of SAR 1.13 billion on July 9.

 

Riyad Bank Q2-2015 (SAR mln)

Change

After exclusion of special dividend

Before exclusion of special dividend

Item

--

1,294.3

1,294.3

Net income from special commissions

(12%)

1,902.7

2,169.3

Total operating income

--

(725.2)

(725.2)

Operating expenses

--

(324.9)

(324.9)

Provisions

(24%)

861.6

1,128.2

Net income
 

Meanwhile, the bank’s Q2 provisions reached SAR 325 million, marking a 23 percent year-on-year increase and a 154 percent quarter-on-quarter jump.

 

The increases were driven by higher retail provisions (SAR 434 million) during the quarter. Riyad Bank allocated SAR 119 million in corporate provisions for the same period.

 

The bank’s Q2-2015 results were hurt most by its retail segment, which incurred a SAR 53 million loss compared to a SAR 364 million profit in the previous quarter. Meanwhile, the firm’s corporate and brokerage units posted double digit gains. 

 

Quarterly Results (SAR mln) – 2015

Difference

Q2

Q1

Sector

--

(52.7)

363.8

Retail

+16%

956.1

822.9

Corporate

+18%

62.6

53.1

Investment and brokerage

(26%)

232.3

315.1

Treasury

+81%

(70.1)

(383.3)

Others

(4%)

1,128.2

1,171.6

Total

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