Riyad Bank H1 2022 net profit up 10% to SAR 3.164 bln; Q2 rises 7% to SAR 1.611 bln

Riyad Bank posted a net profit of SAR 3.164 billion for the first half of 2022, a rise of 10% from SAR 2.865 billion in the prior-year period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Net Special Commission Income	4,241.83	4,528.61	6.8 %
Operating Income	5,801.92	6,332.00	9.1 %
Total Provisions	(478.72)	(449.18)	6.2 %
Net Income	2,865.22	3,163.82	10.4 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	0.96	1.05	10.4 %
EPS Diluted (Riyals)	0.96	1.04	8.3 %

The profit growth was mainly due to an increase in total operating income, higher fee and commission income, as well as foreign exchange income. On the other hand, there was a drop in gains from non-trading investments, dividend income and other operating income.

The second-quarter net profit grew by 7% to SAR 1.611 billion, from SAR 1.511 billion a year earlier, backed by a rise in total operating income, fee and commission income, as well as foreign exchange income.

Compared to Q1 2022, the second-quarter net profit grew 3.8% from SAR 1.552 billion.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Net Special Commission Income	2,146.02	2,396.73	11.7 %
Operating Income	2,978.09	3,230.47	8.5 %
Debt Provisions	(229.32)	(301.53)	(31.5 %)
Net Income	1,511.60	1,611.23	6.6 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	0.50	0.54	6.6 %
EPS Diluted (Riyal)	0.50	0.53	6.0 %

Item	Q1 2022	Q2 2022	Change‬
Net Special Commission Income	2,131.88	2,396.73	12.4 %
Operating Income	3,101.53	3,230.47	4.2 %
Debt Provisions	(147.66)	(301.53)	(104.2 %)
Net Income	1,552.59	1,611.23	3.8 %
Average Shares	3,000.00	3,000.00	-
EPS (Riyals)	0.52	0.54	3.8 %
EPS Diluted (Riyal)	0.51	0.53	3.9 %

Balance Sheet (B)

Item	6m 2021	6m 2022	Change‬
Assets	317.27	357.95	12.8 %
Customer Deposits	202.45	237.48	17.3 %
Loan	204.74	239.65	17.1 %

Total shareholders’ equity, after minority interest, reached SAR 46.636 billion as of June 30, 2022, compared with SAR 44.551 billion a year earlier.

Net impairment charges for credit losses in the six-month period stood at SAR 608 million, compared to SAR 550 million in the corresponding period of 2021.

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Share Price

Riyad Bank (RIBL)

	Current
Market Cap (M Riyal)	83,400.00
Shares Outstanding ((M))	3,000.00
EPS ( Riyal) (TTM)	3.01
EPS Diluted ( Riyal) (TTM)	2.91
Book Value (BV) ( Riyal)	18.86
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	9.25
P/E (TTM)	9.25
Price/book	1.47
Return on Average Assets (%) (TTM)	2.2
Return on Average Equity (%) (TTM)	16.8

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Riyad Bank H1 2022 net profit up 10% to SAR 3.164 bln; Q2 rises 7% to SAR 1.611 bln

Financials (M)

Current Quarter Comparison (M)

Balance Sheet (B)

View other reports

Share Price

Riyad Bank (RIBL)

Financial Ratios

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