Riyad Bank profit up 30% to SAR 2 bln in Q1 2023

Riyad Bank posted a 30% jump in Q1 2023 net profit to SAR 2.01 billion, compared to SAR 1.55 billion in the prior-year period

The year-on-year (YoY) profit increase was attributed to a rise in total operating income, despite an uptick in total operating expenses (OpEx) amid higher net provision for impairment of credit losses and other financial assets, along with other general and administrative expenses.

Total operating income grew YoY mainly due to higher net special commission income, trading gains, exchange income, net and other operating income. However, it was partially offset by a drop in gains on disposal of non-trading investments, net, fee and commission income, and dividend income.

Compared to Q4 2022, the bank’s net profit fell slightly by 0.4% from SAR 2.02 billion, on higher OpEx.

Shareholders’ equity, no minority interest, increased to SAR 49.26 billion as of March 31, 2023, from SAR 48.05 billion a year earlier.

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