Riyad Bank books nonrecurring gain from land sale

Riyad Bank, Saudi Arabia’s fourth-largest lender by assets, has booked a nonrecurring capital gain of SAR 202.5 million from the sale of a land plot in Jeddah, it said in a statement.

On Monday, the bank received the full payment from the buyer, while the transfer of ownership was also completed.

Financial impact will be reflected on Q1-2016 results, the bank said, adding that the book value of the land stood at SAR 1.4 million.

Last month, Riyad Bank said it expected to book SAR 201 million after it signed an agreement to sell the area.