Riyad Bank net profit down 8% to SAR 1.354 bln in Q1 2021

Riyad Bank posted a net profit of SAR 1.354 billion for the first quarter of 2021, a decline of 8%, compared to a net profit of SAR 1.476 billion in prior-year period.

The quarterly figures were hit by higher total operating expenses and lower total operating income. The total operating expenses increased 4.1% year-on-year (YoY), due to higher impairment charge on investments, other general and administrative expenses and other operating expenses.

Total operating income decreased by 2.2% YoY, mainly due to lower fee and commission income, net, trading and exchange income, net partially offset by higher net special commission income.

When compared to Q4 2020, net profit rose 54% from SAR 879 million, thanks to a drop in total operating expenses and an increase in total operating income.

Shareholders’ equity, excluding minority interest, increased by 17% to SAR 44.228 billion by the end of Q1 2021, compared to SAR 37.797 billion in the year-ago period.