Riyad Bank’s H1 2024 profit rises 10% to SAR 4.41B; Q2 at SAR 2.33B

Riyad Bank posted a 10% rise in its H1 2024 net profit to SAR 4.41 billion, compared to SAR 4 billion in the first half of 2023.

The gross special commission income climbed by 18.3% year-on-year (YoY) in H1 2024, mainly fueled by higher returns on loans as well as increased advances and investments. This came amid the elevated gross operating income and lower gross operating expenses.

During the six-month period, Riyad Bank also witnessed an uptick in net fees and commission income, net foreign exchange income, and lower net losses on the sale of non-traded investments. This was partially offset by lower trading income, net special commission income, dividend income, and other operating income.

The first-half impairment provision for expected credit losses and other losses decreased by 46.2% YoY. This was primarily due to lower net impairment provision for credit losses and other financial assets, and net impairment provision for investments.

In Q2 2024, the bank's net profit amounted to SAR 2.33 billion, up 18% from SAR 1.98 billion in the year-ago period.

Sequentially, net earnings jumped 12.7% from SAR 2.07 billion in the first quarter of the year.

Total shareholders' equity (no minority interest) amounted to SAR 55.78 billion as of June 30, 2024, from SAR 51.12 billion a year earlier.

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